On September 16, the Turkish Banking Regulation and Supervision Agency (BDDK) transferred 99.98% of shareholder rights in Golden Global Yatirim Bankasi Anonim Sirketi to the state-run Savings Deposit Insurance Fund (TMSF). The regulator cited liquidity issues and a failure to meet banking obligations as the primary reasons for the intervention.
The decision followed US Treasury sanctions imposed under Executive Order 13902. The US accused the bank of assisting Iran’s Islamic Revolutionary Guard Corps-Qods Force in money laundering and converting proceeds from oil sales. This marks the first instance of the US directly sanctioning a Turkish financial institution.
Golden Global, founded in 2019, holds a capital base of approximately $34 million. The bank's main shareholders, Emir Kaya, Salih Berberoğlu, and Recep Kaba, collectively held nearly all equity. While their management rights were transferred to the state, they retain dividend rights and have stated their intent to contest the US allegations.
The US Treasury has provided a wind-down license valid until September 19, allowing counterparties to close existing transactions. Analysts note that the bank's limited capital base means the seizure is unlikely to cause systemic stress to the Turkish financial system, though the state now faces the challenge of managing a sanctioned entity.
