Bank Asya lawyers to legally challenge state-body MASAK

Bank Asya’s lawyer Süleyman Taşbaş vows to challenge the Finance Ministry's Financial Crimes wing (MASAK) and the banking regulator calling for return of shares.

Acting upon information that the Finance Ministry's Financial Crimes Investigation Board (MASAK) was engaged in concocting a report that would cast negative light on publicly-traded Bank Asya, Süleyman Taşbaş has filed a letter to MASAK stating that only the Banking Regulation and Supervision Agency (BDDK) and the Capital Markets Board (SPK) had authority.

Speaking to the press on Tuesday in front the BDDK, the lawyer stated, “It makes no sense that MASAK would fabricate such a report when banking regulatory institutions are already present.”

Adding that the incident constituted to an unconstitutional profiling of Bank Asya the lawyer vowed to defend the rights of the shareholders “in the domestic and international judicial bodies.”

The February takeover of 63 percent of the bank’s privileged shares was perpetrated used a so-called lack of transparency and documentation representing the ownership of the 63 percent as a pretext. Auditors have been unable to find any irregularities furthermore the conditions which were used as a pretext are no longer valid. Taşbaş added that “Documents pertaining to 86 percent of the A Group shareholders have been submitted,” demanding that the shares be returned to the rightful owners.

The move against Bank Asya was politically backed by President Erdoğan who, for a long time, had called for the bank to be taken over, and by pro-government press, which manipulatively and wrongfully spread rumors that the bank was going under.

Published on BGNNews, 11 March 2015, Wednesday

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• Context, fact and law: demystifying the Bank Asya takeover
• History of politically motivated assault on Bank Asya