Political Resignation Amid Market Probe
Turkish AK Party Deputy Chair Resigns Amid Stock Trading Allegations
Anonymous
Fatma Betul Sayan Kaya, deputy chair of Türkiye’s ruling AK Party, asked President Recep Tayyip Erdoğan to relieve her of her party duties while allegations about her and her husband’s stock trades are investigated. Opposition politician Zeynel Emre alleged the couple invested 163 million lira, mainly in shipbuilder Ozata Denizcilik, and later received about 2.17 billion lira from selling shares; Kaya has not addressed the specific claims. The allegations emerged amid a crisis in Türkiye’s investment-fund sector, where suspected price manipulation in thinly traded stocks preceded a sharp selloff and left hundreds of thousands of investors affected. Regulators moved to address the turmoil, and the shipbuilder’s chairman and vice chairman were jailed pending trial as part of the investigation. Kaya said she was taking political responsibility so the inquiry could proceed independently and without her position becoming a source of public controversy.
Key Points
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Regulators placed seven fund-management companies overseeing 131 investment funds, with assets reportedly worth about $17 billion, into liquidation.
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One report gave a different account of the opposition’s allegations, saying Kaya had allegedly invested 63 million lira and generated around 1.3 billion lira in proceeds; it also said it was not yet clear whether her request to resign had been accepted.
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An unnamed investor told AFP that some fund investors or owners were politically connected and questioned why authorities had not acted sooner.
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Economist Timothy Ash called for a full investigation, accountability for those responsible and reforms, saying the episode exposed shortcomings in Türkiye’s regulatory framework.
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