Norway Sovereign Fund Caught in Turkey's Biggest Brokerage Fraud After IPO Investment with Tera Yatirim

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Norway Sovereign Fund Caught in Turkeyā€™s Biggest Brokerage Fraud After IPO Investment with Tera Yatirim

Norwayā€™s sovereign wealth fund invested in a Tera Yatirim-underwritten Turkish IPO just weeks before Tera became the center of Turkeyā€™s largest fund fraud scandal.

Key points

  • Norway sovereign wealth fund bought Tera-underwritten Turkey IPO 2 months before brokerage fraud scandal.
  • Tera Yatirim became center of Turkeyā€™s biggest fund scandal weeks after GPFG investment.
  • Norwegian fund exposure raises governance questions on emerging market underwriter due diligence.

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