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.
In Turkey today, relief organization Kimse Yokmu, affiliated with the Fethullah Gulen inspired Hizmet movement has become the target of repeated attacks by Turkey’s political neo-tyrants, the most prominent of whom is President Recep Tayyip Erdogan.
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“The extent of this operation is far beyond the reach of the cemaat [the Hizmet movement],” [“The extent of this operation is far beyond the reach of the cemaat [the Hizmet movement],” Famous Turkish investor Nasrullah Ayan said. He thinks, rather, that powerful international groups could have pulled the trigger or provided technical support to the probe. He pointed to the fact that the operation was launched after the agreement between Iran and the P5+1 nations in Geneva — which gave Iran partial relief from a harsh regime of
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