Turkey’s Capital Markets Board approves the dissolution of six funds managed by “Golden Global Portfolio” company.

Turkey’s Capital Markets Board has approved the dissolution of six funds managed by “Golden Global Portfolio” company. The decision was taken after the United States imposed sanctions on companies associated with this group due to activities related to the Islamic Republic.

On September 4, the U.S. Treasury Department sanctioned Turkey’s “Golden Global” investment bank and two of its subsidiary companies within the framework of the Trump administration’s campaign to increase economic pressure on the Islamic Republic.

The United States says Golden Global helped the Islamic Republic’s shadow banking network to transfer oil revenues from China to Turkey and turn them into money and gold.

Following this action, Turkey’s Deposit Insurance and Guarantee Fund on Wednesday took possession of the rights related to the shares of the Golden Global bank, which had been held by its three shareholders, effectively handing control of the bank to the management appointed by the government.