Three major contradictions in the Bank Asya operation

Banking Regulation and Supervision Agency (BDDK) decided late Feb. 3 that 63 percent of the privileged shares that make up the executive board of Bank Asya should be controlled by the Saving Deposit Insurance Fund (TMSF). This decision has been made according to Article 18 of the Banking Law. The justification for the decision was ?because the institution has not presented a partnership structure that is transparent and open enough to allow for effective regulation.?  

The basis of the decision that 63 percent of the shares in Bank Asya are controlled by the TMSF is this paragraph in the article: ?Shareholders with qualified shares shall be required to meet the criteria applicable to founders. Shareholders with qualified shares who do not bear the conditions required for founders any more shall not benefit from the shareholder rights other than dividends. In such cases, other shareholder rights shall be used by the Fund, upon the notification of the Agency.?

In other words, the partners of a bank who have been operating for almost 20 years have all of a sudden ?lost their qualifications?? There is no explanation on this part.

Experts point out to certain contradictions. The first is that the BDDK does not clarify which features are lacking in the bank?s partners. But they have made this decision because ?information was not submitted.? This is very debatable. The BDDK should be transparent in this matter; it should be informing the public. 

Without the bank?s general assembly

Second, it is the BDDK that first gave the licenses to the current partners. Third is that without the bank?s general assembly, even this decision going into effect is questionable. 

If we leave aside all these legal problems, the main...

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