Türkiye’s Banking Regulation and Supervision Agency (BDDK) has revoked Golden Global Investment Bank’s operating license, according to a decision published in the Official Gazette on Nov. 6.
The regulator’s board adopted the decision on Nov. 4 under Article 71(1)(c) of Banking Law No. 5411, which covers banks unable to meet their obligations as they fall due.
On Sept. 16, the BDDK authorized the Savings Deposit Insurance Fund (TMSF) to exercise shareholder rights, excluding dividend rights, attached to 99.98 percent of the bank’s shares.
The U.S. Treasury Department sanctioned the Istanbul-based bank and two subsidiaries on Sept. 4, alleging they had facilitated tens of millions of dollars in transactions for Iran’s Islamic Revolutionary Guard Corps-Quds Force.
Golden Global denied the allegations in a statement issued the same day, saying 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 bank said it would pursue legal remedies against the sanctions.
