The probe focuses on an $18.3 billion scandal affecting 455,000 investors, with Justice Minister Akin Gurlek overseeing investigations into 26 specific stocks. President Recep Tayyip Erdogan established a council led by the vice president to coordinate the liquidation of failing investment funds to protect investor rights. Political fallout has already reached the ruling AK Party, where Deputy Chair Fatma Betul Sayan Kaya resigned following allegations of insider trading.
Wednesday, October 21, 2026
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Turkey Detains 34 Suspects in $18.3B Probe Hitting Norway's Wealth Fund
Global Markets20 days ago
Turkish authorities ordered the arrest of 34 additional individuals in a market manipulation crackdown that has expanded to include stakes held by the $2.3 trillion Government Pension Fund Global. Norway's sovereign wealth fund owns roughly $208 million across 10 Turkish companies, including Astor Enerji, that are currently part of an investigation into speculative trading. The wave of detentions contributes to a widening crisis that has pushed Istanbul listed firms toward a bear market.
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