Key facts
- Fatma Betul Sayan Kaya, deputy chair of Turkey's AK Party, resigned from all her posts.
- An opposition spokesman alleged Kaya and her husband invested 163 million lira in April and sold shares for 2.17 billion lira.
- The transactions allegedly occurred before a funds crisis triggered a stock market selloff.
- Ozata Denizcilik shares rose significantly between April and September 15.
- Ozata Denizcilik's chairman and vice chairman were jailed pending trial as part of an investigation into the crisis.
Fatma Betul Sayan Kaya, a deputy chair of President Tayyip Erdogan's ruling AK Party, stepped down from all her duties on Saturday following allegations of insider trading. The accusations were made by Zeynel Emre, spokesman for the main opposition Yeni Party, who claimed Kaya and her husband invested 163 million lira ($3.3 million) in April and later sold shares for approximately 2.17 billion lira ($44 million).
Emre alleged the timing of these transactions, particularly in shares of shipbuilder Ozata Denizcilik, raised questions given the subsequent funds crisis and market selloff. Ozata Denizcilik shares reportedly rose from around 220 lira at the start of April to 4,980 lira on September 15, just before turmoil in Turkey's investment fund industry triggered a liquidity crisis and a market tumble on September 16.
Kaya stated on X that she deemed it necessary to take political responsibility while the allegations are examined and requested Erdogan relieve her of her posts. She did not provide further details on the specific claims. Turkish authorities have implemented measures to support financial stability after some investment funds failed to meet withdrawal demands amid the selloff. In a related development, Ozata Denizcilik announced in a regulatory filing on Friday that its chairman, Ozdemir Ataseven, and vice chairman, Gokhan Ataseven, have been jailed pending trial as part of an ongoing investigation into the funds crisis.