Companies in new wealth fund to be restructured

Dunya Executive - - OVERVIEW - MEHMET KAYA

Work has been begun on restructuring companies that have been transferred to the new sovereign wealth fund, according to sources speaking with daily Dunya.

Companies will have a management akin to a holding company, the sources said. Satellite operator TurkSat’s retail services, such as internet and TV, will be separated from satellite management. ETI Maden’s mining and boron production divisions will also be restructured, and the PTT postal service will become a logistics company. State lenders Ziraat and Halkbank are excluded from the restructuring, the sources said.

Dunya said earlier efforts to restructure companies transferred to the fund will also be accelerated. Companies will be classified functionally so that they can be managed more easily and increase transparency.

New classifications will strengthen senior management.

The wealth fund is interested in the planned Akkuyu Nuclear Power Plant and other nuclear projects, they added, without elaborating.

Proposal to shake up ministries

The government intends to overhaul the structure of ministries under the new presidential system before elections slated for 2019, if the April 16 constitution referendum is approved, sources said.

It is unclear how many ministries there will be in the new system, considering there are currently 27 cabinet posts, compared with as many as 35 in past governments. The United States, the world’s largest economy, has 15 cabinet departments, and Russia has 21.

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