Turkey's banking watchdog seizes control of Gülenist Bank Asya
by Zeyneb Varol
ISTANBULFeb 03, 2015 - 12:00 am GMT+3
by Zeyneb Varol
Feb 03, 2015 12:00 am
Turkish banking regulators on Tuesday seized 63 percent of Gülenist Bank Asya's stake, citing insufficient transparency to allow for proper regulation.
The Banking Regulation and Supervision Agency (BDDK) said in a statement on its website it had taken over management of the bank and appointed a new board of directors.
"Because the institution has not presented a partnership structure that is transparent and open enough to allow for effective regulation ... partnership rights have been given to the Savings Deposit Insurance Fund (TMSF)," the BDDK said in a statement on its website.
The Gülen Movement is led by the U.S.-based imam Fethullah Gülen. Gülen's followers are accused of infiltrating state institutions to gain control of state mechanisms and illegal wiretapping, forgery of official documents and spying.
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