Ministry ends key deal with Bank Asya

ANKARA

REUTERS Photo

Islamic lender Bank Asya, whose founders are known for having close ties with Islamic scholar Fethullah Gülen, has received another blow, as the Customs and Trade Ministry has joined with two other state institutions in cancelling their contract with the bank.

“The ministry has decided to terminate customs tax collection protocols with Asya Participation Bank [Bank Asya] as a result of assessments made,” the ministry said in a press statement released on Aug. 13.

The ministry informed the lender regarding the annulment on Aug. 12 and the cancellation will take effect on Sept. 12, the statement also noted.

Last week, the Revenue Administration and Social Security Institution had separately announced annulling their contracts with the lender.

Bank Asya has seen its profits and capital base collapse since it found itself at the center of a power struggle between Prime Minister Recep Tayyip Erdoğan and his former ally Gülen.