Deputy chair of Turkey's AK Party resigns after trading allegation amid funds crisis
Opposition figures said the lawmaker and her husband made 2.17 billion lira from April share trades as regulators probe the fund collapse.
- Former Family and Social Policies Minister Fatma Betül Sayan Kaya resigned from her current role as AK Party Deputy Chair early Sunday to allow an independent investigation into allegations surrounding a public fund controversy.
- The resignation follows opposition allegations from the New Party claiming Kaya and her husband traded tens of millions of liras in shipbuilding shares that recently surged in value during a market liquidity crisis.
- The Capital Markets Board filed criminal complaints and imposed trading bans against 11 individuals linked to market transactions, though neither Kaya nor her husband was explicitly named in the formal regulatory complaints.
- Kaya stated on social media that she asked President Recep Tayyip Erdoğan to relieve her of party duties so the claims could be thoroughly clarified "without leaving any room for doubt".
- The political fallout comes as Turkish prosecutors and financial crimes investigators execute provincial asset freezes and broader probes into $20 billion in liquidated investment funds.
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Turkey: Fatma Betül Sayan Kaya, Former Minister of the Ruling Party, Resigns After Financial Scandal
A former Turkish minister and senior executive of the AKP, President Recep Tayyip Erdoğan's party, resigned after being called into question in a financial scandal. This case, linked to investment funds of some $17 billion, is said to have affected nearly half a million investors. Its impact continues to expand, despite the measures taken by the government to try to calm the markets.
Turkey's ruling Justice and Development Party today accepted the resignation of its vice president after she was accused of selling tens of millions of dollars worth of shares just before the stock market crisis.
My Mother Lode
The Seattle TimesTurkey’s ruling-party deputy chair steps down after share trading allegations
ISTANBUL (AP) — Turkey’s ruling party accepted the resignation of a deputy chair on Sunday after she was accused of selling shares worth tens of millions of dollars shortly before a stock market crisis. Turkish stocks plunged Sept. 16 amid suspected share-price manipulation involving several investment funds. Fatma Betul Sayan Kaya, deputy chairwoman of President...
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