February 4, 2015 by Canadian Press
The Banking Regulation and Supervision Agency said late on Tuesday that the country’s saving deposit insurance fund had seized control of Bank Asya’s management, appointing a new CEO and board.
It cited a violation of banking regulations on transparency for the bank’s seizure.
The move comes amid a government crackdown on the movement led by U.S.-based cleric Fethullah Gulen, which President Recep Tayyip Erdogan accuses of orchestrating a corruption probe last year that targeted government members.
Turkey has issued an arrest warrant for Gulen accusing him of plotting against the government. Officials have said they will seek his extradition from the United States.
This story was originally published by Canadian Insurance Top Broker.