Norway’s massive sovereign wealth fund, which manages the nation’s oil and gas profits, has reported financial losses linked to the ongoing investment fund crisis in Turkey. As of late June, the fund held approximately $2.2 billion in Turkish equities. Deputy CEO Trond Grande stated that the organization views itself as an affected party rather than an instigator of the current instability. Consequently, the fund is conducting a formal review of its Turkish portfolio and the external managers responsible for these assets. The crisis originated in September when several investment funds became unable to fulfill redemption requests, jeopardizing the capital of nearly 500,000 investors. In response, the Turkish Capital Markets Board has mandated the liquidation of 131 funds to facilitate the reimbursement of affected stakeholders, while legal authorities have initiated investigations into the matter.
Source : Turkish Minute
