The key facts

  • Former Turkish Minister of Family Sayan Kaya arrested on charges of violating the capital markets law
  • The scandal investigation covers more than 430 people, 112 arrested
  • The opposition demands Erdoğan's resignation or early elections

Arrest of a former minister

An Istanbul court on Friday remanded Fatma Betül Sayan Kaya in custody pending trial — she is Turkey's former Minister of Family (2016–2018) and until recently deputy chair of President Recep Tayyip Erdoğan's ruling Justice and Development Party (AKP). The charges were formulated as 'violating the capital markets law and membership in an organization created to commit crimes,' the state agency Anadolu reported. Her husband was released on the condition of regularly reporting to the police. Deutsche Welle reports on this.

The essence of the charges

Sayan Kaya stepped down as AKP deputy chair on September 26 after statements by the opposition 'Yeni Parti.' Its chairman Zeynal Emre claimed that the former minister and her husband, having invested 163 million lira in one of the funds, received 2.17 billion lira (about $43 million) and sold their shares shortly before a suspected price manipulation that triggered a stock market crisis, after which the financial regulator dissolved 131 funds. The couple rejects the accusations, but transferred part of the specified funds to an account designated by banking regulators.

Scale of the investigation and the opposition's reaction

The scandal erupted in September: prosecutors are examining allegations of large-scale market manipulation that affected the savings of nearly half a million investors. According to Justice Minister Yılmaz Tunç — wait, according to Justice Minister Akin Gürlek, more than 430 people are under investigation on suspicion of manipulation and insider trading, 112 of whom have been arrested. Opposition leader Özgür Özel said in parliament that Erdoğan ultimately bears responsibility for the scandal, and called on the president either to resign or to call elections. According to him, among those detained in the same cases are members of the committee created by Erdoğan to resolve the crisis, including Gürlek himself; Özel advised the president to 'take a closer look at his entourage.' Erdoğan, as DW notes, has suffered serious political damage from the crisis.