(Bloomberg) -- Turkey’s former Finance Minister Lutfi Elvan joined Kalyon Holding as vice chairman, a privately-held company that built Istanbul’s giant new airport.
Elvan, who served as a public servant for nearly four decades, became the nation’s finance and economy czar following Berat Albayrak’s abrupt resignation in 2020.
After overseeing a somewhat conventional mix of economic policies for about a year, Elvan was removed by President Recep Tayyip Erdogan, a decision that preceded Turkey’s return to ultra-low interest rates that pushed prices higher and sent the lira into a tailspin.
Elvan’s move resembles the career path taken by Naci Agbal, who briefly served as Turkey’s central bank governor under Elvan until March 2021. Agbal was appointed as chief financial officer of Kazanci Holding, a conglomerate focused on the energy industry.
“I wholeheartedly believe Elvan will add a valuable vision to Kalyon Holding’s national and international corporate strategies,” Cemal Kalyoncu, Kalyon’s chairman, said in an emailed statement on Tuesday.
Kalyon, which has a majority stake in the company that operates the $11 billion Istanbul Airport, is among builders of dozens of infrastructure projects, including the 250-mile (402-kilometer) North Marmara Highway.
The company carries out similar work in other countries including Qatar, Russia, Saudi Arabia and Iraq. In 2022, it sold half of its renewable energy firm to a unit of Abu Dhabi’s International Holding Co.
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