Upon failure of the bank's sale in spite of the works conducted, as previously announced, the Fund Council took the next step to determine the fate of Bank Asya, deciding to temporarily freeze bank operations effective on Monday last week when markets opened following the failed coup attempt on the night of July 15. On May 29, 2015, the BDDK ruled for the complete TMSF takeover of all shares of Bank Asya, which was believed to be the main financial institution for the controversial Gülen Movement and affiliated companies, due to the bank's failure to fulfill its obligations under the scope of Article 70 of the Banking Law that regulates the BDDK's intervention in troubled banks. The BDDK added that the trouble in Bank Asya's financial structure, its maladministration and operations pose risks to depositors as well as to the security and stability of the financial system.