The scandal has impacted 455,000 investors and led to the freezing of 131 funds, erasing roughly $20B in assets. Beyond the new legislation, regulators have opened voluntary accounts to ask high-earning investors to return excessive profits to victims. The investigation has reached the top of President Recep Tayyip Erdogan's political circle, with prosecutors seeking assets from former AKP Deputy Chair Fatma Betul Sayan Kaya and identifying $208M in exposure held by Norway's sovereign wealth fund.
Wednesday, October 21, 2026
Story
AK Party Drafts Law Holding Fund Managers Liable for $20B Loss
Global Markets12 days ago
Lawmakers from the ruling AK Party filed legislation on Friday to force portfolio-firm managers to recover losses and reimburse investors trapped in liquidated funds. The bill is the latest attempt to address a Ponzi-like fund crisis that has led to the detention of over 200 suspects and an ongoing probe into speculative trading and manipulation across 26 listed stocks.
Looking for more context or analysis?
Tilt chat provides reliable, tailored insights, alerts, and automations.