Turkey financial scandal topples deputy chair
A financial scandal has been uncovered in Turkey after Deputy Chairwoman of the Justice and Development Party, Fatma Betül Sayan Kaya, and her husband became involved in investigations related to stock manipulation and investment funds. This led to the collapse of the Istanbul stock exchange and her resignation. Kaya and her husband purchased shares worth thousands of lira and made massive profits—around two billion Turkish lira—through buying and selling operations before the market deterioration. Additionally, 131 investment funds were frozen, impacting more than 455,000 investors. Investigations revealed close ties between some of the involved companies and the government, along with pressures on regulatory authorities that allowed these operations to continue before being exposed. Precautionary measures have been implemented to prevent future manipulation. The investigations are ongoing, while the government affirms its commitment to hold those involved accountable and continues to assess the state of the Turkish economy following the crisis.
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