Business · Companies · 15 hrs ago
Türkiye revokes Golden Global Investment Bank’s operating license
Türkiye’s banking regulator revoked Golden Global Investment Bank’s operating license in a decision published on Nov.
6.
The regulator said the decision was made under a law provision for banks unable to meet obligations as they fall due.
Earlier, on Sept.
16, the regulator authorized the Savings Deposit Insurance Fund to exercise rights attached to 99.98 percent of the bank’s shares, except dividend rights.
The U.S. Treasury had sanctioned the Istanbul-based bank and two subsidiaries on Sept.
4, alleging they facilitated transactions for Iran’s Islamic Revolutionary Guard Corps-Quds Force.
Golden Global denied the allegations and said it had no direct or indirect dealings with the people and entities named by U.S. authorities.
The bank said it would pursue legal remedies against the sanctions; no next steps on the license revocation were stated.
Türkiye’s banking regulator revoked Golden Global Investment Bank’s operating license under a law provision concerning banks unable to meet obligations as they fall due.
The regulator’s board adopted the decision on Nov. 4, and it was published in the Official Gazette on Nov. 6.
The U.S. Treasury sanctioned the Istanbul-based bank and two subsidiaries on Sept. 4, alleging they facilitated transactions for Iran’s Islamic Revolutionary Guard Corps-Quds Force.
Golden Global denied the allegations and said it would pursue legal remedies against the sanctions.
- Who
- Türkiye’s Banking Regulation and Supervision Agency revoked Golden Global Investment Bank’s license.
- What
- The regulator withdrew the bank’s operating license.
- When
- The board adopted the decision on Nov. 4. It was published on Nov. 6.
- Where
- Türkiye; the bank is based in Istanbul.
- Why
- The decision was made under a banking law provision covering banks unable to meet their obligations as they fall due.
U.S. Treasury Department
Golden Global Investment Bank
Alleged activity
U.S. Treasury Department
The U.S. Treasury alleged the bank and two subsidiaries facilitated tens of millions of dollars in transactions for Iran’s Islamic Revolutionary Guard Corps-Quds Force.
Golden Global Investment Bank
The bank said the individuals and entities named by U.S. authorities were not its clients and that it had conducted no direct or indirect transactions with them.
The U.S. Treasury sanctioned the bank and two subsidiaries, alleging they facilitated transactions for Iran’s Islamic Revolutionary Guard Corps-Quds Force.
The regulator authorized the Savings Deposit Insurance Fund to exercise shareholder rights, excluding dividend rights, attached to 99.98 percent of the bank’s shares.
The regulator’s board adopted the decision to revoke the bank’s operating license.
The decision was published in the Official Gazette.
- Bank
- Golden Global Investment Bank
- License decision
- Adopted Nov. 4; published Nov. 6
- Legal basis
- Article 71(1)(c) of Banking Law No. 5411
- Shareholding
- 99.98 percent of shares subject to TMSF shareholder rights, excluding dividend rights
- Sanctions
- U.S. Treasury sanctioned the bank and two subsidiaries on Sept. 4