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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Ala’s remarks were widely interpreted as a reference to Bank Asya, a participation bank affiliated with the Hizmet movement, which the government has tried to scapegoat through conspiracy theories to evade corruption allegations. Some news stories broke soon after Ala’s claims, reporting that Bank Asya’s accounts were being scrutinized for misconduct.
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GYV Chairman Mustafa Yeşil said the foundation has received very positive reactions to its 11-article statement, adding that many people found the statement an “honorable” and “courteous” one. AK Party Adıyaman deputy Mehmet Metiner said by releasing Tuesday’s statement, the GYV has taken a very valuable step that “spoils the games of some evil circles that want to create hostility between the government and the Hizmet movement.”
Kanter: You need to know what is going on in Turkey
Question: You are being called a terrorist by Turkish government. What is your opinion on the widespread use of this term by the Government? Kanter: This is a term that many governments are using to scare people and get public support. No one likes terrorists — so if you brand your opponents as terrorists it’s easy to get support. The Turkish government has even accuses the US of being terrorist sponsors, they are a joke now.
Legal action against Gülen in the US: A golden opportunity for Gülen
No one will be able to say members of the movement are complaining about Erdoğan in the US. They will defend themselves against Erdoğan’s attorneys who are paid millions of dollars. Thus, Erdoğan has placed a red carpet in front of the movement. The rest is up to how the movement performs…
‘If you are against us, you are the other’
Turkey has been witnessing a rigorous debate for the last couple of weeks over the ruling Justice and Development Party’s (AKP) vow to finish off the test prep schools, which are a source of both money and influence for its old ally, the Hizmet Movement led by the self-exiled leader, Fethullah Gülen. Like many controversies in Turkey, the issue of closing the courses and integrating them into Turkey’s poorly-established and -organized education system was not only about the prep schools, which was only the tip of the iceberg.
TÜBİTAK scolded for hiding olympiad winners were from Hizmet schools
The president and members of the government have scolded the Scientific and Technological Research Council of Turkey (TÜBİTAK) for not revealing that the majority of medal winners at two recent scholastic olympiad events were students from schools affiliated with the Hizmet movement, the Taraf daily reported on Tuesday.
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