Turkish authorities take control of bank linked to Erdogan’s foeMay 30, 2015 - 10:31 AMT PanARMENIAN.Net - Turkish authorities announced they had taken control of the country's 10th largest lender, Bank Aysa, which is linked to an ally-turned-foe of President Recep Tayyip Erdogan, U.S.-based cleric Fethullah Gulen, according to AFP. In a statement, the Banking Regulation and Supervision Agency said it had handed over the reins of the bank to the state-run Savings Deposit Insurance Fund (TMSF) eight days before legislative elections on June 7. Justifying its move, the watchdog said "problems" in the bank's activities through its "financial structure, partners and the composition of its board of directors constituted a danger... to the confidence and stability of the financial system". The Turkish government initiated the move against the Islamic lender, founded by Gulen's followers in 1996, in February. At the time, the TMSF took 63 percent of Bank Asya shortly after the BDDK ruled in favour of its seizure, and sacked the entire existing management team, citing a lack of transparency. A new board of directors was appointed. The management called the decision "illegal", while the opposition denounced the swoop as a scandal. An ally of Erdogan's when he took office in 2002, Gulen became his nemesis over a corruption scandal at the end of 2013. Since then, Erdogan has ordered huge purges of alleged Gulen supporters in the police, judiciary and civil service after government ministers and his own family were implicated in what was country's largest ever corruption scandal. The Turkish imam lives in the US and runs an influential network of schools, charities and organisations based in Turkey and around the world. Erdogan has accused Gulen and his supporters of setting up a "parallel state" to concoct the graft scandal and spread leaks in social media to topple his government. Photo: AFP Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Court in Azerbaijan extends former Karabakh leader’s arrest by 5 months The Binagadi District Court in Azerbaijan has granted the prosecutor’s petition to extend the arrest of Arkady Ghukasyan. Ucom General Director joins High-Tech Development Panel Discussion The discussion was titled "The Role of International Corporations and Investors as Catalysts for Development of High-Tech Ecosystem." U.S. still believes “peace is possible” between Armenia, Azerbaijan The United States continues to believe that peace is possible between Armenia and Azerbaijan, Vedant Patel says. Dozens detained as antigovernment protest continue in Armenia At least 63 people demanding Prime Minister Nikol Pashinyan’s resignation were detained on May 14 as they blocked streets in Yerevan. |