February 6, 2015

Bank Asya partners issue written warning after overhaul

Publicly-traded Bank Asya’s founding partners issued a warning against the management overhaul, calling for the return of the board, or else they would file suit.

The government-appointed bank board, Turkish banking watchdog BDDK and the Savings Deposit Insurance Fund were on the receiving end of the written statement from the founders after a politically motivated raid overhauled Bank Asya's management on Tuesday.

“You will be responsible for the losses incurred from the illegal measures undertaken with the excuse of lack of documentation,” expressed Bank Asya’s founding partners Ali Akbulut, Tacettin Negiş, Ali Rıza Tanrıseven, Osman Can Pehlivan, Hasan Kahveci and Salih Kahraman.

The BDDK conducted the raid under the premise that the status of the founding partners of the bank had lost their status and that necessary documentation had not been sent on time, further claiming a lack of transparency.

Noting that all documentation concerning the terms and qualification the founders were already present at the Capital Markets Board, the BDDK and the Central Securities Depository, and that all the documentation had been fully approved, the founding partners wrote, “there has never been a notice from an official body pointing to a lack of documentation.”

The founding partners have also expressed that they would pose a legal challenge against the management overhaul adding “we reserve the fight to file for damages on any losses that will be incurred as a result.”

Published on BGNNews, 06 February 2015, Friday