April 8, 2015

Bank Asya shareholders lodge complaint against BDDK

Bank Asya shareholders, whose management rights were transferred to the Banking Regulation and Supervision Agency (BDDK) on Feb. 3, have lodged a complaint with the banking watchdog, accusing it of damaging the financial interests of the shareholders, and vowing to take legal action seeking compensation worth TL 94 million.

On behalf of 94 privileged shareholders, who previously had the right to nominate Bank Asya board members, lawyer Süleyman Taşbaş sent a complaint petition to the BDDK and argued that the agency's deputy chairman, Müttalip Ünal, has not taken into consideration the fact that the vast majority of shareholders have delivered requested documents to the agency despite two months having passed since the takeover.

The BDDK had justified the takeover of the bank in February by claiming that the majority of privileged shareholders had failed to submit necessary identification documents to the agency. Taşbaş has accused Ünal of hesitating to submit the shareholders' documents for the approval of the interim board of the BDDK, which was assigned after the Feb. 3 decision.

Taşbaş vowed to file a lawsuit against Ünal seeking TL 94 million in compensation for the losses of the 94 shareholders whom he represents, unless their management rights are reinstated, and added that all aspects of the lawsuit will be closely watched.

The management rights of publicly traded Bank Asya's privileged shareholders were controversially taken over by the state-run Savings Deposit Insurance Fund (TMSF) in yet another example of oppressive practices engineered by the government on dissenting voices and institutions.

The shareholders of Bank Asya are known for their ties to the faith-based Gülen movement, also known as the Hizmet movement, and are publicly supported by the country's largest opposition daily, Zaman.

Published on Today's Zaman, 08 April 2015, Wednesday