Turkey takes control of shareholder rights at Golden Global amid US sanctions

Turkey’s Banking Regulation and Supervision Agency, known as the BDDK, transferred shareholder rights covering 99.98% of Golden Global Yatirim Bankasi Anonim Sirketi to the state-run Savings Deposit Insurance Fund (TMSF) on September 16. The move came less than two weeks after the US Treasury Department slapped sanctions on the Turkish investment bank, accusing it of helping Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) launder money and convert cash from Iranian oil revenues.

It marks the first time the US has directly sanctioned a Turkish financial institution.

What happened and why it matters

The BDDK cited liquidity problems and Golden Global’s failure to meet its banking obligations as the formal justification for the intervention.

Those sanctions arrived under Executive Order 13902, which targets institutions operating in Iran’s financial sector. The Treasury Department rolled them out as part of “Operation Economic Outcast,” a broader enforcement campaign launched on August 24 that aimed to dismantle financial networks supporting Iranian operations.

Golden Global was established in 2019 and carries a capital base of roughly $34 million. The bank’s three main shareholders, Emir Kaya with a 53.98% stake, Salih Berberoğlu at 32%, and Recep Kaba at 14%, collectively control nearly all of the institution. Under the BDDK’s order, their shareholder rights (excluding dividend rights) have been transferred to TMSF. The shareholders have indicated they plan to challenge the US allegations.

The US Treasury issued a wind-down license that expires on September 19, giving counterparties a narrow window to unwind existing transactions with Golden Global and its subsidiaries before full sanctions enforcement kicks in.

The Halkbank shadow

The most prominent prior case involved Halkbank, one of Turkey’s largest state-owned lenders, which faced US prosecution for allegedly helping Iran evade sanctions and access billions of dollars in restricted funds.

The US alleges Golden Global facilitated substantial transactions on behalf of the IRGC-QF, including converting cash from Iranian oil sales, and provided correspondent banking services linked to previously sanctioned operatives like Sitki Ayan.

Broader implications for Turkish finance

The immediate practical impact on Turkey’s financial system is limited. Golden Global’s $34 million capital base means its seizure won’t create systemic stress.

For Turkish regulators, the intervention creates its own set of challenges. TMSF now effectively controls a sanctioned institution, which means the Turkish state itself has to manage the wind-down process without running afoul of US sanctions.