Turkish President Recep Tayyip Erdoğan ordered legal work to be completed within 10 days to transfer a stake in a top bank owned by the main opposition party to the Treasury.
The work to commandeer the shares would include completing plans to deal with possible legal hitches and passing legislation through parliament, Hürriyet newspaper reported on Thursday, citing a statement by Erdoğan to officials of his ruling party.
The main opposition Republican People’s Party (CHP) owns 28 percent of İşbank, after they were bequeathed by Turkey’s founder, Mustafa Kemal Atatürk. Erdoğan has repeatedly called for the stake to be handed over to the Treasury, saying the financial benefits received by the CHP contravene laws governing the financing of political parties.
One-third of İşbank’s shares are traded on the Istanbul Stock Exchange. The remainder are owned by the company’s pension fund.
The share price fell 1.4 percent to 4.85 liras in Istanbul on Thursday morning.