Bank Asya Seizure was Politically Motivated

A European Commission report on Turkey has criticized the recent intervention by the country’s banking watchdog in leading Islamic lender Bank Asya.

Report stressing that the Bank Asya case has raised concerns over political meddling in the Turkish finance sector. A copy of the draft annual progress report on Turkey’s EU candidacy mentions the Bank Asya seizure, noting there are questions hanging over the TMSF decision and how proportional it was based on the circumstances at that time.

EU report says decisions such as the Bank Asya seizure have cast doubts over the independence of public auditing and regulating mechanisms in Turkey.

The management of Bank Asya was handed over to the Savings Deposit Insurance Fund (TMSF) in late May.

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