Turkey transferred the rights of its main shareholders to the state fund after sanctions on a bank due to its financial ties to Iran.

Turkey transferred the rights of its main shareholders to the state fund after sanctions on a bank due to its financial ties to Iran.

The Turkish banking supervisory body announced that after the sanctions of the "Golden Global Yetrim" bank by the United States due to its financial relations with Iran, the rights of the main shareholders of this bank will be transferred to the Turkish insurance fund for deposit.

The Turkish Banking Supervision and Supervisory Board said that this fund will apply the rights related to 98.99% of the bank's shares; However, the right to receive dividends is not included in this decision.

In early September, the US Treasury Department sanctioned Golden Global Bank and its two subsidiaries, accusing them of facilitating financial transactions linked to Iran and the Revolutionary Guards' Quds Force. This bank rejected the American accusations.

Turkey's finance minister said last week that Ankara was "paying attention" to the new US sanctions against entities linked to Iran. The new action of the body that supervises the Turkish banks is the first practical sign of the intervention of the state authorities in the management of the bank after it was included in the American sanctions list.