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.
Reports of certain visitors paying “unexpected” visits to various Turkish holdings and company headquarters are currently being spread in economy circles. As these guests are connected or close in some way or other to the ruling Justice and Development Party (AKP), their visits can hardly be perceived as routine. These influential people are not making their visits for a cup of coffee. They send a short and clear message to the chairman of the executive board or to the general director, asking them to make a statement criticizing the Hizmet movement.
Kimse Yok Mu presents gifts to 8,000 children in Diyarbakır
İSMAIL AVCI, DIYARBAKIR Turkish humanitarian aid organization Kimse Yok Mu (Is Anybody There) has delivered gifts to 8,000 children from poor families in the province of Diyarbakır to help them enjoy Eid al-Fitr, the three-day religious festival that marks the end of the holy month of Ramadan. It is a tradition to buy new clothes […]
Filipina, infant freed from Turkish jail, but…
The Filipina mother who forcibly was separated from her infant and detained in Turkey for weeks has been released. But their reunion is being cut short by her deportation, in the crackdown following a failed coup in which she had no part. Information is being withheld from Karen’s lawyer and the Philippine Embassy staff assisting her. Forcible separation of an infant from her mother is a humanitarian concern.
What is wrong with independent journalism?
Deputy Prime Minister Bülent Arınç called on prosecutors to take legal action on Monday against the Taraf daily and journalist Mehmet Baransu, who revealed a controversial National Security Council (MGK) document last week, signed by the ruling Justice and Development Party (AK Party) in 2004, which detailed a planned crackdown on the Hizmet (Gülen) movement.
My opinion on the book ‘Imam’s Army’
Conspiracy theory is very widespread in Turkey, society is currently polarized. Those who share a positivistic and Islamophobic mindset refuse to recognize that religion can assume a positive role and hold the Gülen movement responsible for nearly all evil. ŞAHİN ALPAY, Monday April 11, 2011 During my contacts with European parliamentarians, officials and Turkey experts […]
An open letter to Prime Minister Tayyip Erdoğan
When it is necessary, making objections demonstrates honesty; approving everything is an indication of hypocrisy. So if all these people are saying that this is wrong, listening to them is not a weakness but a virtue. This is what the nation expects from you. Otherwise, it will take forever to heal the wounds that have been inflicted in their hearts. So is it worth it?
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