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.
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Discussing the recent developments in Turkey and the Muslim world during the “Arab-Turkish Intellectuals Forum” in İstanbul on Tuesday, a scholar from Egypt likened the smear campaign conducted by Prime Minister Recep Tayyip Erdoğan against the Hizmet movement to the suppression of a civic movement in Egypt.
Gülen endorses reform package, appealing for ‘yes’ on Sept. 12 referendum
Well-respected Turkish intellectual and scholar Fethullah Gülen has said the constitutional reform package to be voted on Sept. 12 contains crucial amendments. Underlining that everyone, including Turkish citizens living abroad, should say “yes” in the referendum, Gülen said, “I wish we had a chance to raise the dead ones from their graves and urge them to cast ‘yes’ votes in the referendum,” as he highlighted the importance of voting in favor of the changes.
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Turkish autocratic President Erdoğan’s former speechwriter and current Justice and Development Party (AKP) deputy Aydın Ünal wrote on Tuesday that the witch hunt against the alleged followers of the Gülen movement in Turkey will eventually become severe as a result of the Zarrab case in the US.
Media’s test with politics: this is utterly disgraceful
As we are about to tolerate this scandalous error, he writes a very harsh article about the rift between the [Gülen] Community and the ruling Justice and Development Party (AK Party), targeting the Community. In this article, his tone is like that of a party spokesperson. Does he want certain columnists to be censored or silenced? Does he want them to be fired? The news ombudsman of the paper where he is the chief columnist is fired.
Deputy PM threatens Taraf daily, Baransu for covering controversial MGK docs
Deputy Prime Minister Bülent Arınç on Monday called on prosecutors to take legal action against the Taraf daily and journalist Mehmet Baransu, who last week revealed a controversial National Security Council (MGK) document indicating that Turkey’s ruling Justice and Development Party (AK Party) signed on to a planned crackdown on the Hizmet (Gülen) movement in 2004.
‘Democracy’s Challenge with Turkey’ debated in Abant Platform
A large group of Turkey’s intellectuals gathered on Saturday in the Bolu province for the 34th Abant Platform meeting to debate the country’s democracy problems, amid criticism of increasing authoritarianism and conflict in the country.
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