Baseless allegations damage publicly traded firms


Date posted: February 18, 2014

İSTANBUL

Turkish Association of Capital Market Intermediary Institution (TSPAKB) Chairman Atilla Köksal said on Monday that baseless news stories circulating in the Turkish media about companies, banks and intermediary institutions are harming those institutions.

Speaking in a panel organized jointly by TSPAKB and the Economy Correspondents’ Association (EMD) in İstanbul, Köksal added that baseless news also spreads in social media with a snowball effect and creates damaging effects on capital market.

Previously, Interior Minister Efkan Ala claimed on a state-run Turkish Radio and Television Corporation (TRT) TV program, without naming names, that he had solid evidence that a bank had bought up dollars from the market a few days before police raids on a Dec. 17 corruption and bribery investigation, and made a profit of over $2 billion when the price of the dollar hiked after the inquest.

Ala’s remarks were widely interpreted as a reference to Bank Asya, a participation bank affiliated with the Hizmet movement, which is inspired by respected Turkish Islamic scholar Fethullah Gülen. The ruling Justice and Development Party (AK Party) government has tried to scapegoat the Hizmet movement via conspiracy theories to evade attention stemming from the corruption allegations. A number of news stories broke soon after Ala’s claims, reporting that Bank Asya’s accounts were being scrutinized for misconduct.

Habertürk daily columnist Abdurrahman Yıldırım addressed in the panel that a number of media reports have given the impression that Bank Asya was sinking. “The Capital Markets Board’s [SPK] remaining silent [on baseless allegations] renders the SPK’s code of ethics meaningless,” he said.

In the reports, the bank had to disclose a list of all its currency transactions prior to Dec. 17 to disprove the misconduct claims; central bank figures later proved that the assertion was paramount to libel, revealing that no bank had procured extraordinary amounts of greenbacks from the market.

Even in this atmosphere, the Banking Regulation and Supervision Agency (BDDK) and the SPK opted to remain silent, allowing government supporters to discredit the bank up until Jan. 10, when the bank finally rescued itself from the financial strain it had been pushed into since the massive cash withdrawals.

Meanwhile, TSPAKB Deputy Secretary-General Osman İlker stressed in his panel presentations that giving wrong information, spreading rumors, reporting and commenting inaccurately, and publishing this to affect investment decisions would be considered market fraud.

Bank Asya would have needed to buy up at least $30 billion from the markets, which is impossible given both the market conditions and the bank’s total assets as of the third quarter of 2013, which were at only TL 28 billion ($12.5 billion).

Despite long-delayed warnings from capital market representatives, the pro-government Sabah daily reported on Tuesday that 192,000 new accounts have opened in Bank Asya as a result of the efforts of businesspeople affiliated with the Hizmet movement to rescue the bank from sinking. The daily also speculated that the bank has made it difficult for people to close their bank accounts.

Though a number of media outlets have circulated stories about a government-instigated plan to sink Bank Asya with massive cash withdrawals as a form of vengeance against the Hizmet movement, government officials have not refuted the claim.

Source: Todays Zaman , February 18, 2014


Related News

Junior Coalition Partner Demands Explanation Why Bulgarian Govt Turned over Abdullah Buyuk to Turkey

Right-wing Reformist Bloc, the junior partner in Bulgaria’s minority coalition cabinet, has demanded that Interior Minister Rumyana Bachvarova explain to Parliament why the government turned over Turkish businessman Abdullah Buyuk to Turkey last week. “The Reformist Bloc expresses disagreement with the violation of basic principles that guide the coalition; for us these are the rule […]

UK acknowledges being a Gülen sympathizer in Turkey may be grounds for asylum

In a 60-page policy guidance to Home Office decision-makers, the UK Home Office has recognized that being a Fethullah Gülen sympathizer in Turkey may be grounds for asylum in the UK.

Please do not insult the intelligence of the people

The government’s defensive position could have been understandable had it not removed the police chiefs who did the investigation from their positions, almost as a punishment.

I am the mastermind behind the failed Turkish coup attempt! I am Mr. Gulen’s secret ‘abi’

Need I say more? Someone please let Mr. Amsterdam know of my confession so the witch hunt can end. Let him know that it was I who brainwashed Gulen and corrupted all his followers, so they are innocent. Tell President Obama to extradite me. No further “evidences” are needed beyond what I have provided above and my own confession. Extradite me to Turkey as soon as possible so that the madness can end. I can’t take the guilt any longer.

Turkish gov’t planning slaughter of jailed Gülen followers in staged riot, lawyer claims

The Turkish government is headed for mass killings of people jailed over alleged or real links to the Gülen movement, in a staged riot in Silivri prison, a lawyer representing a former police chief imprisoned as part of a crackdown against the movement claimed, underlining that he is worried about the lives of his clients.

‘Erdoğan signed MGK decisions to curb Gülen movement that Ecevit resisted’

Democratic Left Party (DSP) Chairman Masum Türker has said that controversial decisions made by the National Security Council (MGK) to curb the activities of the Gülen movement were ignored by former Prime Minister Bülent Ecevit in 2000 but signed by then-Prime Minister Recep Tayyip Erdoğan on Aug. 25, 2004.

Latest News

This notable Pocono resident has been living here in exile since 1999

Logistics companies seized over Gülen links sold in fast-track auction

That is Why the Turkish Government could Pay 1 Billion Euros

ECtHR rules Bulgaria violated rights of Turkish journalist who was deported despite seeking asylum

Fethullah Gülen’s Message of Condolences in the Wake of the Western European Floods

Pregnant woman kept in prison for 4 months over Gülen links despite regulations

Normalization of Abduction, Torture, and Death in Erdogan’s Turkey

Turkey’s Maarif Foundation illegally seized German-run school in Ethiopia, says manager

Failed 2016 coup was gov’t plot to purge Gülenists from state bodies, journalist claims

In Case You Missed It

Pro-government paper claims with photoshopped image that Gülen has Vatican passport

Kimse Yok Mu distributes heating stoves in Mongolia

Fethullah Gulen calls on Muslims to help Hurricane Sandy victims

Gülenist refugees from Turkey start over in U.S.

AK Party VP Sahin: We can only be grateful to Hizmet people

Gulen calls for new constitution in Turkey

Kimse Yok Mu sends aid materials with 24 trucks for Syrian refugees

Copyright 2021 Hizmet News