Story perspectives

AKP Deputy Resigns as 131 Funds Liquidated in Scandal

By Drooid · Oct 2, 2026, 10:23 AM UTC · How we work

Summary

Story summary

AKP deputy chair Fatma Betul Sayan Kaya resigned amid the investment-fund manipulation scandal.
The Capital Markets Board ordered liquidation of 131 funds managed by seven firms, covering about $17 billion in assets.
More than 45 people, including Tera Holding chair Emre Tezmen, were arrested on fraud and market-manipulation charges.
Authorities froze assets of 42 individuals and 46 entities, barred travel for 37 suspects, and removed 27 BIST 100 stocks on Oct 1.

History

Historical Context

In 2001, Turkey endured a severe financial crisis that collapsed the lira, forced a $30 billion IMF bailout, and triggered widespread bank failures. The Central Bank of Turkey raised interest rates to 75 percent, while Borsa Istanbul lost 40 percent of market capitalization, and Prime Minister Bülent Ecevit instituted emergency reforms. Today's crackdown on the AKP-linked fund-manipulation scheme mirrors that 2001 overhaul, as the Capital Markets Board, Tera Holding, and the Turkish Ministry of Treasury target similar fraud networks. The precedent suggests tighter oversight will persist, potentially reshaping Turkey’s capital-market architecture and deterring future multi-billion-dollar manipulations.

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Story summary

AKP deputy chair Fatma Betul Sayan Kaya resigned amid the investment-fund manipulation scandal.
The Capital Markets Board ordered liquidation of 131 funds managed by seven firms, covering about $17 billion in assets.
More than 45 people, including Tera Holding chair Emre Tezmen, were arrested on fraud and market-manipulation charges.
Authorities froze assets of 42 individuals and 46 entities, barred travel for 37 suspects, and removed 27 BIST 100 stocks on Oct 1.

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