Turkish banks issue response to Armenian lawsuit

PanARMENIAN.Net - Two Turkish banks have issued their defense in a U.S. lawsuit filed by descendants of Armenian Genocide victims, who accuse Central Bank of the Republic of Turkey and T.C. Ziraat Bank, one of Turkey's largest and oldest banks of stealing and then profiting from land that was illegally seized during the Armenian Genocide.

The Turkish Central Bank and state-owned Ziraat Bank issued their pleas on Sept. 19, while the Turkish Foreign Ministry, which was also sued, refused to state its defense in the suit.

“Restitution of the property is the plaintiffs’ rightful remedy in international law for the unlawful expropriation of property,” Vartkes Yeghiyan, the plaintiffs’ lawyer, told the Hürriyet Daily News via e-mail.

The banks have claimed in their pleas that “the Turkish Republic founded in 1923 cannot be held responsible for incidents that took place during the Ottoman period.” The prosecution, on the other hand, is asking for $64 million in compensation.

“In lieu of restitution, plaintiffs are entitled to recovery of the current fair market replacement value of the properties, plus the accrued reasonable rental value. This case is also important the international community. The government of the Republic of Turkey is benefiting from the exploitation of the properties,” Yeghiyan said, HDN reported.