What does a man who already controls pretty much everything in his country — from politics to the judiciary to defense — give to himself? How about direct takeover of his country’s sovereign wealth fund?
President Recep Tayyip Erdogan has appointed himself chairman of Turkey’s sovereign wealth fund after recent promises to exert greater influence over the economy. He’s nixed the old guard management and hand-picked their replacements, in a move his political rival, presidential candidate who lost the June election, Muharrem Ince, has aptly described as taking “public companies prisoners”.
And not to be one to break medieval sultanate tradition, he’s further named his son-in-law and Finance Minister Berat Albayrak as deputy chairman. Continue reading