Norway’s oil fund held shares worth nearly NOK 2 billion in ten Turkish companies at mid-year that have been linked to the country’s growing investigation into market manipulation. Bloomberg reports this.
The holdings represented nearly 10 percent of the fund’s Turkish equity portfolio and have since fallen sharply in value.
The investigation in Turkey concerns suspicions that investment funds drove up prices of illiquid shares, in some cases nearly 100-fold.
NBIM’s largest affected holding was a 2 percent stake in Astor Enerji, whose share price has fallen 41 percent in September.
The fund does not want to say whether the holdings still remain.
