Thursday, September 18, 2014

Another "Islamic bank" is declared bankrupt; Erdoğan declares Bank Asya 'bankrupt' amid stock exchange chaos

    Thursday, September 18, 2014   No comments

“They say there are efforts being made to sink a bank. There is no work being done to sink a bank. This bank is already bankrupt. But they are trying to keep it afloat with a few buckets of water,” Erdoğan told a meeting of Turkey's largest business group, the Turkish Industrialists and Businessmen's Association (TÜSİAD), in İstanbul.

Bank Asya's shares were suspended twice on Thursday afternoon after shares rose as much as 11 percent in the morning. Trading on Bank Asya shares resumed on Monday -- following a five-week suspension -- and has decreased by more than 40 percent since then. The shares rose for the first time since the trading resumed this week, increasing by 7.8 percent to TL 0.69.


“They say there are efforts being made to sink a bank. There is no work being done to sink a bank. This bank is already bankrupt. But they are trying to keep it afloat with a few buckets of water,” Erdoğan told a meeting of Turkey's largest business group, the Turkish Industrialists and Businessmen's Association (TÜSİAD), in İstanbul.

Bank Asya's shares were suspended twice on Thursday afternoon after shares rose as much as 11 percent in the morning. Trading on Bank Asya shares resumed on Monday -- following a five-week suspension -- and has decreased by more than 40 percent since then. The shares rose for the first time since the trading resumed this week, increasing by 7.8 percent to TL 0.69.

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Ed Isr

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