Resignation follows market accusations
Turkey’s ruling Justice and Development Party accepted the resignation of deputy chairwoman Fatma Betul Sayan Kaya after allegations connected her to a large share sale shortly before a stock market crisis. Kaya asked to leave her position on Saturday, and party spokesman Omer Celik said President Recep Tayyip Erdogan, who chairs the AKP, accepted the request.
Turkish stocks had plunged on September 16 amid suspected share-price manipulation involving several investment funds. Celik said anyone involved in irregularities, corruption, abuse or other harmful conduct would be held accountable. The resignation placed the allegations inside Erdogan’s governing party, where Kaya held a senior leadership position.
Opposition outlines the disputed transactions
Zeynel Emre, a spokesperson for the main opposition New Party, claimed that Kaya received about 1.3 billion Turkish lira, or $27.5 million, by selling shares shortly before the market fell. He said she had purchased the shares in April for 63.4 million lira, equivalent to roughly $1.3 million. Most of the holdings were reportedly in the shipbuilding company Ozata Denizcilik.
Kaya, who served as Turkey’s family and social affairs minister from 2016 to 2018, has not directly answered the accusations. She said she was stepping down so the claims could be clarified and asked Erdogan for forgiveness. Her statement did not address the opposition’s figures or explain the timing of the transactions.
Prosecutors examine investment funds
Legal proceedings have expanded beyond Kaya’s resignation. The Istanbul Chief Public Prosecutor’s Office opened cases against 76 people as part of an investigation centered on seven investment funds. The inquiry is examining the suspected manipulation that surrounded the September 16 market decline.
References
Associated Press. (2026, September 27). Turkey’s ruling-party deputy chair steps down after share trading allegations. AP News. https://apnews.com/article/turkey-kaya-akp-erdogan-shares-fund-resigns-17bde38ae6bd04c7b6f66da3c7e4bdec