Wealth Fund partners with companies in distress

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The Wealth Fund will be able to partner with 'strategic' companies in distress.

 Turkey's Asset Fund (TVF) coronavirus in difficult situations because of 'strategic' companies were added to the common law regarding the regulation bags.

Bag containing important arrangements in the proposal law on the working life, Turkey's Asset Fund to purchase a difficult situation due to falling coronavirus or a substance that facilitates the companies to be their partner was accepted. With the article, exemption from some provisions of the Capital Market Law and the Turkish Commercial Code is provided for the transactions of TVF purchasing or becoming a partner.

Arrangements providing information to members of the Parliamentary Planning and Budget Commission during talks in Turkey Assets Fund General Manager Zafer Sonmez, has announced that it is fully experienced due to strategic and large-scale companies in the coronavirus capital and to provide a solution to cash flow problems.

Sönmez stated that they anticipate that the post-corona public will increase its impact in both capital and borrowing areas, and that they aim to support companies that suffer from financial difficulties and lack of capital, which are open to the public and are not open to the public, in order to prevent capital outflow and spread the capital to the bottom. Stating that the Fund is exempted from certain articles of the Turkish Commercial Code and the Capital Market Law, Sönmez said, “There is no situation that the state has forcibly taken by the counterparty as its consent. For this, in the public companies, the 23rd and 27th articles of the Capital Market Law regulate the right to exit, the call payer, the obligation to call and the exemption from the 5 items that control the share purchase of the partners and the purchase of the rights of the partners. ”

"Asset Fund, a company controlled by taking together or alone to consent to it on the opposite side can control and exemptions on the basis of simple procedures" Sonmez said, "Financial difficulties living to block Turkey's possession of foreign companies to the strategic value we found this difficult to enter previously circuit We will provide capital support in this case ”.

Responding to the questions of the deputies, Sonmez said to the question about which sectors are evaluated as strategic sectors, “It would not be right to give an example in terms of the confidentiality of the transactions, but many sectors with the coronavirus are of strategic importance in the world.”

Where will you find the money?

Turkey General Manager Sonmez Fund Assets by lawmakers' Where will you find the money? " was also asked. Sonmez said, “There are 70 trillion dollars of bonds in global markets all over the world, 15-16 trillion dollars of which provides negative returns. The Wealth Fund has no problem accessing to cash, credit or money. In the past 18 months, the fund has had a successful institutionalization process.

Published date: May 4, 2020 Publisher / Viewer : Economic Finance News Online

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