Illegal raid against Bank Asya spells disaster for Turkey, says TUSKON head

TUSKON President Rızanur Meral expressed that the illegal state takeover of publicly traded Bank Asya’s management last week has severe implications for the rest of the banking sector, financial markets, and for the entire country and its image abroad.
TUSKON President Rızanur Meral expressed that the illegal state takeover of publicly traded Bank Asya’s management last week has severe implications for the rest of the banking sector, financial markets, and for the entire country and its image abroad.


Date posted: February 10, 2015

“The raid on Bank Asya is a violation of the right of proprietorship and a murders the entrepreneurial spirit,” noted the president of the Confederation of Businessmen and Industrialists of Turkey (TUSKON), Rızanur Meral, in an interview with Bugün TV.

The move by the Savings Deposit Insurance Fund upon orders of the Turkish banking watchdog BDDK had come about after President Recep Tayyip Erdoğan, in his vendetta towards the Hizmet Movement inspired by followers of Islamic Scholar Fetullah Gülen, had publicly attacked the institution. He stated that the bank had failed and called upon the BDDK to take action. The BDDK ordered the removal of the board on the premise that there was a lack of transparency in the ownership structure.

Erdoğan and pro-government media’s stance was widely viewed by critics as a clear violation of capital markets laws and regulation concerning spreading defamatory rumors, in addition to an infringement on the independence of state institutions such as the BDDK.

“In no country can the state illegally take over the management of a bank on the pretext that not enough information on the shareholders was shared,” stated the TUSKON president, adding “Everyone who underwrote this decision against the publicly traded firm will pay a heavy price, for infringing on capital markets laws and regulations. If the courts cannot resolve this issue than the public will suffer. The new management the bank will bear the responsibility should the bank performs worse, under their reign.”

Meral also underlined that the illegal raid damages confidence in the Turkish economy and financial markets, explaining “The stock market is 60% foreign-owned capital. As a result of the raid of Bank Asya, the BİST lost 5% value. In such an environment who would want to invest in Turkey? Then how will we cover the major deficit? Such developments will trigger an increase in the dollar and cause a surge of inflation.”

The TUSKON president also took the ruling Justice and Development Party’s (AK Party) overall governance to the talks, stating “Turkey is drifting away from a free market economy to seclusion. We have generated a lot of enemies in the overseas to the point where there will be no one left we can engage in dialogue with.”

Source: BGNNews , February 10, 2015


Related News

Extradite Gülen? Really?

Enter the current coup plot. Erdogan literally has blamed every obstacle, fanciful plot, and malfeasance upon the elderly cleric. He fingered him in last Friday’s attempted coup even before the smoke settled. Increasingly, it seems the Obama administration might actually take the Turkish president seriously.

Pakistan: Islamabad High Court rejects petition by Erdogan’s Maarif Foundation

The Islamabad High Court, while rejecting the petition filed by Turkey’s Maarif Foundation, decreed that there was no meaning in the foundation’s demand for inclusion in the case as it was out of the question for such foreign structures to find in themselves any right to take over the [Pak-Turk] schools in Pakistan.

Fethullah Gulen Acquitted

The Turkish Supreme Court of Appeals has rejected the Chief Prosecutor’s Office’s objection to the acquittal of scholar Fethullah Gulen, which was upheld by the appeals court in early March. Gulen had been charged with “establishing an illegal organization”. The objection was soundly defeated by a 16 to 7 vote. Fethullah Gulen’s acquittal has been […]

The Turkish assassin is a product of Tayyip Erdogan’s incitement

Karlov’s murderer was Mevlüt Mert Altintas. He did not grow up in a vacuum. Five years ago, Erdogan acknowledged his goal was “to raise a religious generation.” Altintas is its product. He was seven years old when Erdogan came to power; his whole schooling was under Erdogan. If history is any pattern, the violence in Turkey is just beginning and Erdogan will not be able to contain it, even if he is inclined to try.

Political life and NGOs in Turkey: Journalists and Writers Foundation

One of the most prominent NGOs in Turkey is the Journalists and Writers Foundation (GYV). This NGO recently published a statement in newspapers to announce that it does not have an agenda in terms of establishing a political party or appointing others to form a party on its behalf.

Kimse Yok Mu launches large-scale aid campaign for Syrian refugees

İPEK ÜZÜM, İSTANBUL Turkish aid organizations have launched a joint large-scale aid campaign to provide food and shelter from the cold to Syrian refugees who fled to Turkey to escape from the intensifying violence in their country. Syrian refugees in Turkey, whose number has reached 132,920 according to a written statement recently released by the […]

Latest News

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

Grondahl: Turkish community strong in wake of threats from back home

Turkish-Kyrgyz educator’s abduction shows Ankara’s ruthless disregard for law: HRW

Kenya: Investigate Deportation of Turkish National

In Case You Missed It

‘State of rule of law suspended in Turkey, if not completely eliminated’

Student from Pak-Turk school to represent Pakistan

Turkish school leaves tight quarters for spacious former Wayne corporate building

Accused by Erdogan of plotting a coup, Hizmet movement fears for freedom in Turkey

Greek Orthodox Bishop Demetrios Honored

‘Parallel’ lies won’t patch giant tear, Gülen tells government

Turkey Coup Attempt: Who is Fethullah Gülen, The Cleric Being Accused Of Orchestrating The Turmoil?

Copyright 2021 Hizmet News