President Sezer Approves Law On Banks Whose Licenses Were Revoked

ANKARA - President Ahmet Necdet Sezer approved on Monday the law amending some provisions of the law on banks whose licenses for carrying out banking transactions and accepting deposit accounts were lifted.
Presidential Press Center said in a statement that President Sezer sent the law to the Prime Ministry to be promulgated.
The law said that saving accounts which were proved to have been opened in banks whose licenses for carrying out banking transactions and accepting deposit accounts were lifted would be paid by Saving Deposits Insurance Fund (SDIF) according to principles and methods which would be determined by the Council of Ministers upon the joint proposal of Treasury Undersecretariat and SDIF.
The law foresaw that if a difference was determined between amount of savings account with which was declared by the bank to authorities and amount of savings account which was determined by SDIF, rights and receivables of executive board and loan committee chairmen and members, general director and deputies general director and their spouses and workers whose signs bound the bank and branch directors of the bank would be frozen in accordance with Central Bank Law and Banks Law.
The law said that the mentioned people's document, cash and other assets could be seized.
It noted that SDIF would be able to take decision on legal proceeding and collecting the difference between amount of deposits account which was declared and the account which was determined in accordance with the provisions of the Council of Ministers.
The law said that the mentioned provision would be implemented for those who acted on behalf of the mentioned people and those who claimed to have rights, property and money on their own names and the mentioned people's behalf.
If those who don't have savings account in banks whose licenses for carrying out banking transactions and accepting deposit accounts were lifted demand payment to themselves or someone else by fake documents, they will be punished with imprisonment between four and eight years.

(EÖ-AÖ) 11.08.2003