Bank Asya shares surge after Turkish election results
Bank Asya
Date posted: June 10, 2015
The AK Party’s failure to secure enough votes to form the government reflects on the stock market, with the politically-seized Bank Asya’s shares observing a 10.75 percent increase at opening on Monday amidst an overall drop in Borsa Istanbul.
Bank Asya had long been subject to political attacks and repeated demands by President Erdoğan to be taken over despite the fact that the publicly traded Islamic lender had one of the best capital adequacy ratios of the sector. Defamatory rumors published by pro-government press have been challenged, but unpunished.
As a result, in late May Turkey’s Banking Regulation and Supervision Agency (BDDK) seized the publicly-traded Islamic bank, placing it under the Savings Deposit Insurance Fund (TMSF), causing mass outrage by financial markets and banking experts.
The controversial move came months after the BDDK took control over its management after a long government-orchestrated campaign against it.
Bank Asya’s shareholders’ lawyers have voiced a strong demand for the return of the management to its rightful owners, and have applied to the courts to take action.
A renowned intellectual, journalist and president of the Journalists’ and Writers’ Foundation (GYV) Cemal Usak, who was among the targets of the Turkish government’s ongoing crackdown on the faith based Gulen movement, has passed away at the age of 63 while in exile. Usak had been receiving cancer treatment for the past several years. Reportedly, he was told he would die in prison if he comes to Turkey.
13 recommendations to MGK secretary for inclusion in ‘Red Book’
The president pays attention to the current National Security Council (MGK). He is determined to declare Hizmet a terror organization. President Recep Tayyip Erdoğan is not interested in the Islamic State in Iraq and the Levant (ISIL), Kobani, Syria, the approximately 3 million refugees and the murder of 40 people in violent protests. His only concern is Hizmet. Given that the MGK is designed to be a place to discuss personal concerns, I, as a citizen, would like to raise some points of recommendation for the MGK secretary-general for possible inclusion on the agenda of the council.
WikiLeaks reveals emails from the son-in-law of President Erdogan, ‘proving his connection to ISIS operation smuggling oil into Turkey’
WikiLeaks has released a tranche of more than 57,000 personal emails from the account of Turkey’s Minister of Oil Berat Albayrak, President Erdogan’s son-in-law. WikiLeaks alleges that the emails reveal ‘Albayrak’s involvement in organisations such as Powertrans, the company implicated in Isis oil imports’. The company has been implicated in oil imports from ISIS-controlled oil fields.
Erdogan’s Private Youth Army
Initially, the youth branches will be formed in 1,500 mosques. But under the plan, 20,000 mosques will have youth branches by 2021, and finally 45,000 mosques will have them. Observers fear the youth branches may turn into Erdogan’s “mosque militia,” like the Nazi Party’s Hitler Youth organization in Germany.
Hizmet and current political debates in Turkey
The Journalists and Writers Foundation (GYV), whose honorary chairman is well-respected Turkish Islamic scholar Fethullah Gülen, released a statement on its website on Thursday explaining the stance of the Hizmet [service] movement (also know as Gulen movement) inspired by Gülen as a civilian one with no political ambitions. The association’s statement comes in response to […]
Central West Africa shows up for TUSKON event
In the event, titled the Turkey-Central West Africa Trade Bridge, which was hosted by the Association of Aegean and Mediterranean Industrialists and Businesspeople (ESİDEF), a member of TUSKON, 250 businesspeople from Niger, Nigeria, Ghana and Burkina Faso — representing 100 firms — had the opportunity to meet with 300 Turkish businesspeople from the Aegean region.
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