Turkey's Capital Markets Board Approves Liquidation of Sanctioned Funds

Turkey's Capital Markets Board has sanctioned the liquidation of six funds managed by Golden Global Portfoy, following U.S. sanctions related to Iran. The U.S. Treasury sanctioned Golden Global Yatirim Bankasi and subsidiaries. The bank is now under state-appointed management due to a 99.98% stake takeover.

In a significant regulatory move, Turkey's Capital Markets Board has green-lighted the liquidation of six funds managed by Golden Global Portfoy. This decision follows stringent U.S. sanctions imposed on entities linked to the group for Iran-related activities. The impacted funds range from short-term lease certificates to venture capital investment funds.

Earlier this month, the U.S. Treasury Department introduced sanctions on Golden Global Yatirim Bankasi along with its subsidiaries. This step is part of a broader strategy by the Trump administration to amplify economic pressure on Iran. The sanctions led to a swift response from Turkish authorities.

On Wednesday, the Savings Deposit Insurance Fund assumed control of a 99.98% stake in Golden Global Yatirim Bankasi, which was originally held by three shareholders. This transfer effectively places the bank under state management, marking a pivotal move in light of recent economic sanctions.