The ongoing investigation, which includes a probe by Justice Minister Akin Gurlek into 26 specific stocks, has pushed Istanbul-listed firms toward a bear market. International holdings were hit, including Norway's Government Pension Fund Global with $208 million across 10 Turkish companies. Political fallout has reached the ruling AK Party, where Deputy Chair Fatma Betul Sayan Kaya resigned over insider trading allegations, while the government has established a council led by the vice president to manage fund liquidations.
Tuesday, October 20, 2026
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Turkey Orders Interim Payments to Investors in $18.3B Fund Scandal
Global Markets20 days ago
The Turkish markets regulator has mandated that investors whose capital is locked in specific investment funds receive interim payments. This intervention follows a wide-reaching market manipulation crisis that has halted 131 funds and affected approximately 455,000 investors. The total value of the affected assets is estimated at $18.3 billion, though President Recep Tayyip Erdogan has characterized the situation as a limited problem in the fund market.
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