The intricacies of the Is Bankasi affair
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.