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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The president pays attention to the current National Security Council (MGK). He is determined to declare Hizmet a terror organization. President Recep Tayyip Erdoğan is not interested in the Islamic State in Iraq and the Levant (ISIL), Kobani, Syria, the approximately 3 million refugees and the murder of 40 people in violent protests. His only concern is Hizmet. Given that the MGK is designed to be a place to discuss personal concerns, I, as a citizen, would like to raise some points of recommendation for the MGK secretary-general for possible inclusion on the agenda of the council.
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HÜSEYİN AYDIN, İSTANBUL Fermani Altun, head of the World Ehl-i Beyt Foundation, a leading Alevi association, has welcomed Islamic scholar Fethullah Gülen’s recent remarks in which he stressed Alevi-Sunni brotherhood amidst an ongoing debate over the naming of a new bridge after an Ottoman sultan considered controversial by Alevis. In a speech broadcast on herkul.org on Wednesday, […]
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With the courts continuing to release police officers arrested in government-backed investigations, the lawyer of one of these officers says the court decisions have shown that the government is failing to demonstrate that the faith-based Hizmet movement was behind efforts to overthrow the government.
Why Erdogan Snubbed Biden
What is going on in Turkey right now reminds me very much of the last few scenes in the first Godfather movie, where Michael Corleone is settling all of the Family’s outstanding business. Corleone is seen in church renouncing “Satan and all his works” while he participates in the baptism of his nephew—shortly before garroting the baby’s father, Carl.
CHP deputy calls Erdoğan’s order to bring down Hizmet ‘crime’
The CHP deputy pointed out it does not say the president can threaten or can give instructions to the MGK to bring down an organization.
According to this Monday’s Taraf daily, the ruling AK Party (Justice and Development Party) is planning to put forward a proposal to MGK to consider the Hizmet movement as illegal. Erdoğan hinted that the MGK would take action against “parallel structures.
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