The crackdown is part of a wider $18.3B fund scandal that has affected 455,000 investors and pushed Istanbul-listed firms toward a bear market. The crisis led to the resignation of Fatma Betul Sayan Kaya, the deputy chair of the ruling AK Party, following allegations of insider trading. In response, President Recep Tayyip Erdogan created a government board led by the vice president to coordinate the liquidation of the failing investment funds and protect investor rights.
Wednesday, October 21, 2026
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Turkey Targets 26 Stocks in Crackdown on $18.3B Fund Crisis
Global Markets21 days ago
Justice Minister Akin Gurlek has launched a fifth round of enforcement actions against suspects involved in price rigging on the Borsa Istanbul, resulting in 56 arrests. The current investigation focuses on trading activity in 26 specific stocks believed to have been subject to speculative and manipulative transactions. To date, Turkish authorities have processed 217 suspects, with 88 people placed under judicial control, and illegal assets identified will be transferred to a fund within the Savings Deposit Insurance Fund (TMSF).
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