Turkish wealth fund head dismissed

Turkish wealth fund head dismissed

Mehmet Bostan has been dismissed as head of Turkey’s sovereign wealth fund as of Thursday and Borsa Istanbul chairman Himmet Karadag will serve temporarily as the fund’s acting head, a senior official told Reuters on Friday.

There has not yet been an official announcement on the move, Reuters reports.

“The decision to dismiss Bostan was taken yesterday and Karadag will for a time be the acting fund chairman. The decision may be announced officially today,” the official said.

The wealth fund was set up with initial capital of just 50 million lira ($13.6 million) in August 2016 to help finance big-ticket infrastructure projects, but with the aim of managing $200 billion in assets as soon as possible.