Turkish authorities have arrested a former minister and a former deputy chairman of President Recep Tayyip Erdogan’s governing party over their alleged involvement in a stock price manipulation scandal tied to several investment funds.
Fatma Betul Sayan Kaya resigned from the post of vice-president of the Justice and Development Party (AKP), which governs the country, in September, shortly after allegations emerged that she had sold shares valued at tens of millions of dollars just before regulators decided to liquidate the investment funds over suspected manipulation.
Kaya, who held the position of Minister of Family and Social Affairs between 2016 and 2018, was detained on Thursday night while facing a potential trial on charges of involvement in organized crime and violation of Turkey’s Capital Markets Law, the state news agency Anadolu reported.
Her husband was released on the condition that he regularly reports to the police, after a second round of questioning of the couple.
The main opposition party in Turkey accused Kaya of having received 2.17 billion liras (US$43 million) after allegedly investing 163 million liras (US$3 million) in one of the funds. The couple denied any irregularity but transferred part of the profits to an account designated by the banking regulators, according to press reports.
More than 430 people are being investigated for suspected market manipulation and insider trading, including 112 who have been arrested as part of the scandal, Justice Minister Akin Gurlek said this week. Source: Associated Press.
*Content translated with the aid of Artificial Intelligence, reviewed and edited by the Broadcast Editorial Desk, the real-time news system of Grupo Estado*
