The intricacie­s of the Is Bankasi affair

Dünya Executive - - POLITICS - SABAH OCTOBER 18 OKAN MUDERRISOG­LU

The Republ can People’s Party’s (CHP) 28 percent stake n Türk ye İş Bankası – bequeathed n Ataturk’s w ll – s ostens bly a legal ssue, not a pol t cal one. However appearance­s can be dece v ng. Legally, the CHP can not be a qual f ed shareholde­r ( n control of a 10 percent stake or greater) at Is Bankas ; ne ther the pol t cal part es law nor the bank ng law allows a pol t cal party to hold a qual f ed share n a bank. Were the matter not connected to Ataturk’s nher tance, but nstead that of another nd v dual, t could be solved eas ly w thout pol t c zat on – the matter would be subject to the regulat ons of publ c law n l ne w th today’s cond t ons. Cr t cally, no prof t was d str buted n Is Bankas for many years w th prof ts added to total cap tal. Ne ther the Pens on Fund, the dom nant shareholde­r of the bank, nor the CHP has the structure to make cap tal ncreases. Accord ng to Ataturk’s legacy,

Turk sh Language and Turk sh H story nst tut ons have no r ght to say: ‘Our prof t shares have been added to bank ng cap tal. The ownersh p of these shares have to be ours, not the CHP’s.’ As a result, a formula that w ll allow the CHP to w thdraw from the bank’s management can be found w thout the need for legal regulat on.

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