Full Breakdown
Turkey’s AKP Deputy Chair Resigns Amid Share-Trading Allegations
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Resignation and Allegations
Turkey’s ruling Justice and Development Party (AKP) accepted the resignation of deputy chairwoman Fatma Betul Sayan Kaya on a Sunday after she was accused of selling shares worth tens of millions of dollars shortly before a sharp market decline in mid-September. The allegations center on a rapid sale of stock that preceded a plunge in Turkish equities, prompting public outcry over possible insider trading.
Market Turmoil and Investment-Fund Probe
The stock market drop in mid-September was linked by authorities to suspected share-price manipulation involving several investment funds. The Istanbul Chief Public Prosecutor’s Office has opened legal proceedings against 76 individuals as part of an investigation that focuses on seven investment funds suspected of coordinating the manipulation.
Official Response
AKP spokesman Omer Celik confirmed that President Recep Tayyip Erdogan accepted Kaya’s resignation and pledged accountability for wrongdoing.
“We declare that all those who are involved in irregularities, corruption, abuse or anything that causes harm will be held accountable,” — Omer Celik, AKP spokesman
Opposition Claim and Ongoing Legal Action
Zeynel Emre, spokesperson for the opposition New Party, asserted that Kaya received approximately 1.3 billion Turkish lira (about $27.5 million) from the share sale. He added that Kaya had originally purchased the shares—most of them in shipbuilding firm Ozata Denizcilik—for 63.4 million Turkish lira (about $1.3 million) in April, shortly before the market collapse. Kaya has not publicly responded to the accusations; she stated that she was stepping down so the claims could be “clarified” and asked forgiveness from President Erdogan.
The resignation and accompanying investigations underscore heightened scrutiny of political figures’ financial activities in Turkey, as prosecutors continue to examine the broader network of investors implicated in the September market disruption.