Turkey leaps three places in "Doing Business 2014" report of World Bank

Turkey ranked 69th in World Bank's "Doing Business 2014" report among 189 countries, moving from the 72th place in last year's report. Released by World Bank on Monday, the report pointed to strengthening of investor protection in Turkey through a new commercial code that requires directord found liable in abusive related-party transactions to disgorge their profits, allowing shareholders to request the appointment of an auditor to investigate alleged prejudicial conflicts of interest. Commenting on the report, "We ranked 69th according to this year's report. Although we are not very happy with our rank, it is nice to witness an improvement compared to the previous year." Economy Minister Zafer Caglayan said.