The broader scandal involves a $20B loss from Ponzi-like investment schemes that affected 455,000 investors and forced regulators to halt 131 funds. To compensate victims, the government has opened voluntary accounts for investors who made excessive gains to return their profits. The crisis has drawn in Norway's $2.3T sovereign wealth fund, which holds $208M across 10 investigated companies, while Istanbul-listed stocks are trending toward a bear market.
Wednesday, October 21, 2026
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Turkey Targets AK Party Leadership Assets in $20B Fund Crisis
Global Markets15 days ago
Turkish prosecutors have asked lenders to surrender the assets of Fatma Betul Sayan Kaya, a former deputy chair of the ruling AK Party, as a criminal probe into market manipulation reaches the inner circle of President Recep Tayyip Erdogan. Sayan Kaya resigned her party post following allegations of illicit stock trades involving her and her husband. The widening investigation has also seen prosecutors briefly freeze the assets of the son of AKP Deputy Chairman Hayati Yazıcı, signaling that the crackdown on financial fraud is targeting top political leadership.
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