Turkish minister resigns over investment-fund scandal affecting $17 billion
Fatma Betül Sayan Kaya, a senior member of Turkey's ruling AKP party and former family minister, resigned on Saturday amid investigations into an investment-fund crisis. Turkish regulators shut down seven companies managing 131 funds worth approximately $17 billion and arrested 51 people as part of the inquiry.
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Fatma Betül Sayan Kaya, a prominent figure in Turkish president Recep Tayyip Erdoğan's ruling AKP party, announced her resignation on Saturday in a statement posted on social media. The decision followed mounting speculation about her connections to an investment-fund scandal that had emerged earlier in the month and raised serious concerns about financial stability in parts of the investment sector.
Turkish regulators responded swiftly to contain the crisis. They placed seven companies that managed 131 investment funds into liquidation. These funds held assets worth around $17 billion. Kaya stated that she had requested to leave all her positions within the party, saying she believed it was necessary to accept political responsibility so that investigations could proceed "independently, impartially, and without any suspicion or undue influence." It remained uncertain whether the party had formally accepted her resignation.
The main opposition party raised questions about Kaya's financial activities, including an investment of 63 million lira that reportedly generated approximately 1.3 billion lira in returns. According to reports, Kaya and her husband sold shares before news of the scandal broke. The situation has already led to 51 arrests as investigators examine the full extent of the fund liquidations.
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