Turmoil in Turkey: Former Minister in Erdogan's Government Arrested on Suspicion of Stock Fraud Worth Tens of Millions of Dollars
A former minister in Erdogan's government, Fatma Betül Sayan Kaya, has been arrested on suspicion of stock fraud worth tens of millions of dollars. According to the indictment, she sold shares of a Turkish shipping company one day before the liquidation of investment funds related to the case.
A former minister in Erdogan's government, Fatma Betül Sayan Kaya, has been arrested on suspicion of stock fraud worth tens of millions of dollars. According to court documents, Kaya purchased shares of the Turkish shipping company Özata Denizcilik in April 2026. On September 16, she transferred her holdings to the investment firm Tera Yatırım and received full payment that same day. The following day, September 17, a decision was made to liquidate investment funds linked to the case. The prosecution argues that the timing of the transaction, along with Kaya's connections to managers at the Tera group, indicates prior knowledge. The affair sparked political uproar after an opposition figure claimed that Kaya and her husband made profits of approximately 2.17 billion Turkish lira (about $43 million) from investment transactions originally worth about 163 million lira. Özata Denizcilik's stock surged from around 220 lira in early April to about 4,980 lira on September 15. Kaya previously served as Minister of Family and Social Policy and as deputy chair of Erdogan's Justice and Development Party, resigning from her party leadership role in September following the publication of the allegations.