Meet Turkey’s New Sovereign Wealth Fund Chairman, Who Has “Now Taken Public Companies Prisoners”

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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

Erdogan wins 6 more years as Turkey’s president with sweeping new powers

Official results from Turkey’s election gave Recep Tayyip Erdogan Monday a 52.54 percent victory over the 30,68 percent garnered by opposition front runner Muharrem Ince. Following last year’s constitutional referendum, Erdogan will rule with enhanced executive powers to issue decrees, appoint the cabinet and vice presidents as well as senior judges. In his victory speech, Erdogan said the people had voted “in favor of democracy, rights and freedom.” Continue reading