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An Istanbul court has declared bankruptcy of Bank Asya, an Islamic lender affiliated with the Fetullah Terrorist Organization (FETO), the group behind last year's defeated coup attempt.
The 1st Commercial Court of First Instance issued the ruling on Thursday following a bankruptcy petition filed by Turkish Deposit Insurance Fund (TMSF), a judicial source said Friday, speaking on condition of anonymity due to restrictions over talking to the media.
Bank Asya's banking license was cancelled on July 22, 2016 -- seven days after the coup attempt -- by Turkey's Banking Regulation and Supervision Agency (BDDK).
The banking watchdog had ruled for complete takeover of all shares of Bank Asya by the state-run Insurance Fund in May 2015.
FETO and its U.S.-based leader Fetullah Gulen orchestrated the defeated coup attempt of July 15, 2016, which left 250 people martyred and nearly 2,200 injured. -
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