Golden Global Investment Bank's 99.98% Non-Dividend Share Rights Exercised by TMSF

Turkey's Deposit Insurance Fund (TMSF) has exercised non-dividend shareholder rights corresponding to 99.98% of the shares in Golden Global Investment Bank (Golden Global Yatirim Bankasi Anonim Sirketi), according to a decision by Turkey's Banking Regulation and Supervision Agency (BDDK). The BDDK announced on September 16 that TMSF would exercise non-dividend shareholder rights for Emir Kaya's 53.98%, Salih Berberoğlu's 32%, and Recep Kaba's 14% stakes, citing compliance with Article 18(5) of Turkey's Banking Law. The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) added Golden Global Investment Bank and two subsidiaries to its sanctions list on September 4 for involvement in Iran's financial sector activities.