ISTANBUL (CIHAN) - The Turkish Savings and Deposit Insurance Fund (TMSF) has learned that Erol Aksoy, the former owner of Iktisat Bank which was seized by TMSF, has a 90-percent share interest in the Park Avenue Bank in New York.
TMSF, which seized 40 companies belonging to Aksoy in Turkey, followed his assets abroad. The Fund gained seven million dollars by transferring Aksoy's shares of the Park Avenue Bank in New York to a businessman in a cross-boarder operation.
The Fund has information that Erol Aksoy owns a 90 - percent stake in the Park Avenue Bank and he will transfer 51 percent of the shares to businessman David Lichtenstein without speaking to the Fund. The Fund has taken action.
The TMSF attempted to stop the transaction by hiring an American law firm. It also sent two Turkish attorneys to represent the TMSF in the US. The sale of the shares was prevented by a court decision.
The TMSF yesterday reached an agreement with Lichtenstein for the sale of the shares from Aksoy at 7 million dollars within 45 days. The TMSF can also follow and audit the records of the bank for 30 days.
The TMSF had seized 40 companies belonging to Aksoy in May due to the discovery of unpaid Iktisat Bank debts.