The Commercial Court of First Instance in Istanbul ruled late Friday for the bankruptcy of Gülen-linked Bank Asya, which had its banking license cancelled after the last year’s coup attempt.
In the aftermath of a failed military coup attempt on July 15, 2016, the Turkish government closed down Bank Asya on the grounds that it was linked to the Gülen group, which is accused of masterminding the attempt.
Turkey’s Savings Deposit Insurance Fund (TMSF) had already taken over management of Bank Asya and took control of 63 percent of its privileged shares, enough to name the board, in February 2015. New board members, a general manager and deputy general managers were appointed immediately.
The Gülen group denies any involvement in the attempt.