Turkmen Leader Moves To Close Secret Niyazov Fund

Turkmen President Gurbanguly Burdymukhammedov (file photo) (AFP)

June 23, 2007 -- Turkmen President Gurbanguly Berdymukhammedov has ordered the closure of a fund set up by his late predecessor, Saparmurat Niyazov, in an apparent bid to recover wealth that Niyazov reportedly kept abroad.

Berdymukhammedov's decree, issued on June 22, also set up a special commission to audit the fund, state newspaper "Neitralny Turkmenistan" reported.

No further details were released.

Little is known about the sources or expenditures for the fund, which is managed by German banks.

(AP)