TODAY’S – Heavy investments raise questions about Turkey’s official mourning of Saudi king

Heavy investments raise questions about Turkey’s official mourning of Saudi kingIncreasing investments from Saudi Arabia in the Turkish stock market have aroused suspicions regarding Turkeyand#39s official declaration of mourning for the recently deceased King Abdullah bin Abdulaziz, as Central Registry Agency (MKK) figures indicate investments hitting record numbers in recent months.Turkey was the only country outside of the Arab world to make such a declaration for King Abdullah, who died on Jan.

23. The following day, Turkeyand#39s public institutions lowered their flags to half mast.

Meanwhile in January, Saudi investors held a record amount of shares in Borsa Istanbul at a total of TL 36 billion. MKK figures show that, within the past year, TL 2 billion has been invested in Borsa Istanbul by Saudi investors, while investments have increased since President Recep Tayyip ErdoIan took office in August of last yearThe official mourning spawned reactions from various opposition Republican Peopleand#39s Party (CHP) deputies, who questioned why the government opted to mourn the Saudi king while neither victims of the Ermenek mining tragedy that occurred last year nor murdered journalist UIur Mumcu — who was killed on Jan.

24, 1993 when a bomb planted in his car exploded — were honored with such a declaration. Opposition Peopleand#39s Democratic Party (HDP)o-chair Selahattin DemirtaI also slammed Prime Minister Ahmet DavutoIlu for the decision, asking why there was no official mourning for those killed in the 2011 Roboski massacre, in which Turkish Armed Forces (TSK) fighter jets dropped bombs killing 28 Kurdish smugglers who were mistakenly thought to be members of the outlawed Kurdistan Workersand#39 Party (PKK).

Apart from Turkey, other countries that declared an official day of mourning for King Abdullah include Tunisia, Morocco, Jordan, Lebanon, the United Arab Emirates and Oman. Due to the countryand#39s customs, however, Saudi Arabia did not make such a declaration for its deceased king.

President ErdoIan postponed a planned trip to Somalia in order to attend King Abdullahand#39s funeral in Riyadh. Oil-rich Saudi Arabia, in spite of its strong relations with Turkey and the United States, is infamous for being among the worldand#39s worst countries on the subject of human rights.

Meanwhile, investments have also rapidly increased from the Cayman Islands, a well-known haven of dirty money. The total amount held in Borsa Istanbul by Cayman investors was TL 22 billion in March of last year, while that number accelerated to TL 39 billion by June, reaching TL 47 billion in January of this year, when TL 600 million in new investments came from the Caymans in that month alone.

While investments from Saudi Arabia and the Cayman Islands are steadily rising, Norway — one of Borsa Istanbuland#39s major investor countries — has sold off large amounts of its shares. Norwegian investors sold TL 845 million in shares between November 2014 and February of this year.

SOURCE: Today’s Zaman