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.
Illegal raid against Bank Asya spells disaster for Turkey, says TUSKON head
“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.
Liberal Turkish Journalists Champion Freedom of Expression, to a Degree
It’s precisely opposition journalists who have been criticized by colleagues who until recently worked for the newspapers of U.S.-based Fethullah Gulen. These colleagues accuse the opposition journalists of betraying freedom of expression. One of them is Sevgi Akarcesme who was editor-in-chief of the Turkish English-language daily Today’s Zaman. There is a great deal of truth in Akarcesme’s claims. But who today would dare defend journalists identified with Gulen?
How Erdogan is covering up the corruption scandal
In a blunt violation of Turkish laws and ethical norms, authorities removed nearly 100 police chiefs, who were either involved in the graft raids or pose a possible risk to the government. Two additional prosecutors were appointed to supervise the case, a move mostly interpreted by experts as an attempt to control the judicial process. The government has launched an unprecedented witch-hunt in public institutions and continues to purge any bureaucrat it believes could be cooperative with prosecutors in the graft investigation. Four ministers whose names were linked to these investigations refused to step down despite calls from the opposition.
In Erdogan regime western-oriented intellectuals, bureaucrats, liberals, Kurds, civil society activists in mortal danger
Those in prison—educated, Western-oriented intellectuals and bureaucrats, liberals, Kurds, civil society activists, and supporters of exiled cleric Fethullah Gülen—are in mortal danger. When blood flows from the prisons, it will be no accident nor should anyone believe Erdogan’s security forces were simply reacting to a crisis.
ALDE’s Watson says illiberal state leads to unjust action against Gülen followers
Sir Graham Watson, the outgoing president of the Alliance of Liberals and Democrats for Europe (ALDE) Party, has said, while citing the consequences of a country’s deviation from liberal values, that the politically motivated moves targeting the followers of Turkish Islamic scholar Fethullah Gülen are the result of an illiberal state.
Can a Post-Coup Turkey Get Along with Europe?
None of this has stopped the government from undertaking a huge, self-destructive purge, with around 10,000 people arrested, 100,000 people dismissed, and the seizure of assets of more than $4 billion, numbers that worry not just human rights activists but foreign investors as well. The government’s fury is understandable but it should distinguish between those who took part in the coup and those who simply belonged to the Gulen movement.
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