Turkey's Ruling Party Deputy Chair Resigns Amid Share Trading Allegations
Fatma Betul Sayan Kaya steps down after claims she sold shares worth millions before a stock market crash.
Turkey's ruling Justice and Development Party (AKP) has accepted the resignation of its deputy chairwoman, Fatma Betul Sayan Kaya, who is facing allegations of selling shares worth tens of millions of dollars shortly before a significant stock market downturn.
AKP spokesman Omer Celik confirmed on Sunday that President Recep Tayyip Erdogan, who also chairs the AKP, had accepted Kaya's resignation. "We declare that all those who are involved in irregularities, corruption, abuse or anything that causes harm will be held accountable," Celik stated.
Turkish stocks experienced a sharp decline on September 16, with investigations focusing on suspected share-price manipulation involving several investment funds. Zeynel Emre, a spokesperson for the main opposition New Party, claimed that Kaya sold shares valued at approximately 1.3 billion Turkish lira (around $27.5 million) shortly before the market plunge. Emre added that Kaya had acquired most of these shares, primarily in the shipbuilding company Ozata Denizcilik, for 63.4 million Turkish lira (about $1.3 million) in April.
Kaya, who previously served as Turkey's family and social affairs minister from 2016 to 2018, has not directly addressed the specific allegations. She stated her decision to step down was to allow the claims to be "clarified" and requested forgiveness from Erdogan.
The Istanbul Chief Public Prosecutor's Office has initiated legal proceedings against 76 individuals in connection with an investigation into seven investment funds.