Turkey Freezes Ex-Minister's Assets as Fund Crisis Grows
Prosecutors said the request is part of an investment fund probe that led to the liquidation of 130 funds and affected about 353,000 investors.
- On Tuesday, The Istanbul Chief Public Prosecutor's Office instructed institutions to freeze all assets belonging to former Social Policies Minister Fatma Betul Sayan Kaya and her husband, Ilyas Kaya, as part of an investment fund investigation.
- The investigation into dubious capital market transactions has resulted in 51 people being remanded in custody, following the liquidation of 130 funds managed by seven portfolio management companies after liquidity problems.
- Opposition politicians allege the couple invested around 2.9 million euros in Ozata Denizcilik, later selling shares for about 39.5 million euros. Media reported Monday the couple transferred this amount to the Treasury and Finance Ministry.
- President Recep Tayyip Erdogan vowed Tuesday to address market wrongdoing, stating the government would not ignore citizen rights violations. Kaya resigned as a deputy chair within the AKP following these allegations.
- Estimates regarding the total value of the affected funds vary, with Reuters reporting around 18.8 billion euros involving 353,000 investors, while CNBC-e estimates about 17.4 billion euros with more than 514,000 investors.
38 Articles
38 Articles
The Turkish authorities have requested the freezing of the assets of former minister Fatma Betul Sayan Kaya and her husband, Ilyas Kaya, due to suspicions of insider trading and manipulation of the stock market. The Istanbul prosecutor's office has sent a request to the relevant institutions for the imposition of an asset freeze measure against the Iftit.kaya, who is a doctor and electrical engineer, served as Minister for Family and Social Poli…
Turkiye freezes ex-minister’s assets as fund scandal grows
ISTANBUL: Turkish prosecutors have moved to freeze the assets of a senior governing party official and former minister who resigned at the weekend over allegations she profited from an investment fund crisis. The move involved the assets of Fatma Betul Sayan Kaya, a senior figure in President Recep Tayyip Erdogan’s ruling AKP, and came on the eve of the reopening of parliament after the summer recess. Turkiye has been wrestling with the fallout …
Turkey freezes ex-minister's assets as fund scandal grows
Turkish prosecutors have moved to freeze the assets of a senior governing party official and former minister who resigned at the weekend over allegations she profited from an investment fund crisis. The move involved the assets of Fatma Betul Sayan Kaya, a senior figure in President Recep Tayyip Erdogan's ruling AKP, and came on the eve of the reopening of parliament after the summer recess.
Turkey freezes ex-minister's assets as fund crisis grows
In a brief statement late Tuesday, prosecutors said they had sent "a letter concerning the freezing of all assets" of Fatma Betul Sayan Kaya and her husband Ilyas Kaya to "all the relevant institutions". Turkey has been wrestling with the fallout from an investment fund scandal which erupted earlier this month with the collapse of what officials have described as a "Ponzi-like" scheme. Following days of speculation and allegations by Turkey's …
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