Class-B shareholders join objection against Asya decision

Bank Asya headquarters is pictured in İstanbul on Feb. 4. (Photo: Reuters)
Bank Asya headquarters is pictured in İstanbul on Feb. 4. (Photo: Reuters)


Date posted: July 6, 2015

The lawyer representing B-type shareholders of recently seized private lender Bank Asya has filed a case against the takeover decision, demanding an injunction along with compensation for losses at the stock market.

After a three month-long interim management, the Banking Regulation and Supervision Agency (BDDK) announced in late May it had handed over control of the lender to the Savings Deposit Insurance Fund (TMSF) in what most have called a politically motivated move.

In a statement to the press on Monday, lawyer Süleyman Taşbaş announced he had filed a lawsuit on behalf of the B-type shareholders of Bank Asya against the ruling with the Ankara Regional Administrative Court in a bid to secure an injunction and compensation for losses sustained at Borsa İstanbul (BİST). Earlier, the decision was challenged by A-type shareholders as well.

Some 60 percent of Turkey’s largest Islamic bank is owned by B-type shareholders, while the remainder belongs to A-type shareholders, who have right to nominate board members at annual meetings.

Highlighting that the period for an appeal will expire on July 29, two months after the BDDK’s decision, Taşbaş called on all shareholders to file similar cases against it. Bank Asya has around 18,000 B-type shareholders.

On Feb. 3, the BDDK said it had transferred management control of Bank Asya to the TMSF citing the lack of certain identification documents pertaining to more than half of all A-type shareholders. The attempt was perceived by many as the latest extension of an intimidation campaign against the lender as the bank had long been targeted by high-ranking state officials.

Since then, 92 percent of shareholders have submitted the requested documents to the watchdog; however, the BDDK failed to return management to shareholders. Furthermore, it ratcheted up the pressure with a seizure decision on May 29 according to Clause B of Article 71 of the banking law.
According to Clause B, one of the conditions for the BDDK to act is if “the operator [the bank] poses a danger with regards to the interests of deposit holders or shareholders and stability along with the security of the financial system.”

Bank Asya was founded by sympathizers of the faith-based Gülen movement — also known as the Hizmet movement and inspired by Turkish Islamic scholar Fethullah Gülen — in 1996.

The government accuses Hizmet supporters of organizing a “coup attempt,” referencing investigations into corruption and bribery that implicated several Cabinet ministers, President Recep Tayyip Erdoğan’s family and pro-government businesspeople. The major graft investigations were made public on Dec. 17 and 25, 2013.

Source: Today's Zaman , July 06, 2015


Related News

PM Erdoğan: Internet bill protesters are defenders of immorality

Media outlets ran stories based on leaked voice recordings and the documents of a second probe, which has been stalled since Dec. 25, 2014, when the government started removing or reassigning thousands of police officers and police chiefs as well as the prosecutors carrying out the investigation. The press has since reported that the depths of corruption within the government is actually a lot bigger than initially assumed.

AKP turns medical university into its headquarters

Şifa University, which was seized by the Justice and Development Party (AKP) government due to links to the Gülen movement, has been transformed into the AKP’s İzmir provincial headquarters.

Turkish daily exposes secret plot against Gülen endorsed by gov’t

A secret national security document recently discovered by a Turkish daily has revealed that Turkey’s ruling Justice and Development Party (AK Party) government signed up to a planned crackdown on the Hizmet or Gülen movement. The Taraf daily published a document on Wednesday prepared by the National Security Council (MGK) on Aug. 25, 2004, persuading […]

Top AK Party official likens Gülen’s stance on peace talks to that of Mandela

Justice and Development Party (AK Party) Deputy Chairman Hüseyin Çelik has expressed appreciation for Islamic scholar Fethullah Gülen’s support for ongoing talks with the terrorist Kurdistan Workers’ Party (PKK), likening Gülen’s remarks to those of South African politician Nelson Mandela. In his latest weekly speech, broadcast on website Herkul.org last Sunday, Gülen said as long […]

Unlawful acts revealed in police raids on Gülen-inspired schools

Another illegal practice was revealed on Wednesday regarding police raids on schools inspired by the faith-based Gülen movement, popularly known as the Hizmet movement, on Sept. 21, as officers refused to give a copy of the police report of seized items to school authorities despite demands by the institution’s lawyers.

PM’s discourse over ‘no family, children’ offensive, hurtful

On Feb. 23, Prime Minister Erdoğan targeted Nationalist Movement Party (MHP) Chairman Devlet Bahçeli due to his criticism of the government in the ongoing corruption investigation, saying: “He does not have any concept of family. He has no such concern. We know what children mean,” in an obvious reference to Bahçeli’s unmarried status.

Latest News

Fethullah Gülen’s Condolence Message for South African Human Rights Defender Archbishop Desmond Tutu

Hizmet Movement Declares Core Values with Unified Voice

Ankara systematically tortures supporters of Gülen movement, Kurds, Turkey Tribunal rapporteurs say

Erdogan possessed by Pharaoh, Herod, Hitler spirits?

Devious Use of International Organizations to Persecute Dissidents Abroad: The Erdogan Case

A “Controlled Coup”: Erdogan’s Contribution to the Autocrats’ Playbook

Why is Turkey’s Erdogan persecuting the Gulen movement?

Purge-victim man sent back to prison over Gulen links despite stage 4 cancer diagnosis

University refuses admission to woman jailed over Gülen links

In Case You Missed It

Explained the secret: Gulen gave it as a gift

Will Gülen Movement schools offer Kurdish-medium education?

Doğan: Gülen stood against anti-cemevi campaigns

Deputy Prime Minister Arınç praises Turkish schools in Nigeria

Chatham United Methodist Church Hosted Abraham Interfaith Lunch

Interview about Hizmet Movment at Maxwell School of Syracuse University

Is Gülen Movement A Religious Community (cemaat) or A Social Community (camia)?

Copyright 2023 Hizmet News