Turkey Takes Over Management Control Of Bank Asya

141220120948518966067_2The TMSF took over the management of Bank Asya and control of 63 percent of its priviliged shares, enough to determine the Board, late Feb. 3.

Banking watchdog BDDK said after the seizure that Bank Asya’s former board did not act transparently during recent inspections on the structure of partnership, failing to submit documents on privileged shareholders. The TMSF seized the bank upon the BDDK’s call.

Aydın Gündoğdu, the new general manager of the bank and new board member, said Bank Asya was stronger today as it now has state support. The bank’s activities will continue under the new management, Bank Asya said in an official statement.

The bank was founded by followers of Gülen in 1996. The government and Erdoğan accuse the Gülen movement of organizing a coup attempt through the country’s largest-ever graft probe that started in December 2013.

The bank said in November 2014 that its third quarter losses stood at 301 million liras, a first quarter with no profits since going public in 2006.

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