Turkey Orders Liquidation of Six Golden Global Funds After US Sanctions

Turkey's Capital Markets Board has approved the liquidation of six funds managed by Golden Global Portfoy, according to its bulletin, following US sanctions imposed on companies linked to the group over Iran-related activities.

The funds affected include Golden Global's short-term lease certificates, gold and money market participation funds, as well as three venture capital investment funds managed by the company.

The decision comes after the US Treasury Department earlier this month imposed sanctions on Golden Global Yatirim Bankasi and two subsidiaries, part of the Trump administration's campaign to increase economic pressure on Iran.

Separately, on Wednesday, the Savings Deposit Insurance Fund took over the rights of a 99.98% stake in Golden Global Yatirim Bankasi held by its three shareholders, effectively placing control of the bank under state-appointed management.

The measures mark a significant escalation in Turkey's response to the US sanctions, with both regulatory and state ownership actions targeting the group's financial operations.