Bank Asya's shareholder's rights to be secured

DAILY SABAH
ISTANBUL
Published 05.06.2015 23:49

The Savings Deposit Insurance Fund (TMSF) has said that certain circles are trying to twist the facts behind Bank Asya's takeover, claiming the act was performed according to the law.

The TMSF's announcement was issued after certain commenters claimed the transfer decision was not based on any audit reports. The TMSF, however, has said that the ceasing of the bank was completely based on audit reports by Turkey's banking watchdog, the Banking Regulation and Supervision Agency (BDDK), and the opinions of BDDK managers as well as being in line with Code No. 5411. The announcement also said that the news saying that the decision to transfer Bank Asya to the TMSF was against the law and was of economic concern was misleading for the public and is either deliberately or indeliberately trying to avoid that Bank Asya was taken over by the TMSF due to problems in its financial structure, shareholding and management.

Going against what the group believes is misleading news, the announcement underlined that the "ownership of shares of the bank still belongs to the shareholders however, their rights excluding the right to receive dividends, has been transferred to the TMSF." Meanwhile, International credit rating agency Fitch made an announcement about the transfer of Bank Asya to the Savings Deposit Insurance Fund (SDIF). Fitch said the transfer should not have a significant impact on the Turkish banking sector as a whole.

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