MediumIV Macro Policy & Sovereign Debt26 September 2026, Saturday
AK Party Deputy Chair Sayan Kaya resigns over allegation that she and her husband turned 163.46 million TL into 2.17 billion TL
According to an allegation made by the YENİ Party on 26 September, former Family Minister Fatma Betül Sayan Kaya and her husband İlyas Kaya invested a total of 163.46 million TL in Özata Denizcilik shares and withdrew 2.17 billion TL in about 5 months. Kaya resigned from her posts in the AK Party without directly responding to the allegations; her resignation was accepted.
According to a Turkish Minute report dated 26 September, YENİ Party MP Zeynel Emre alleged that Kaya sold Özata Denizcilik shares she had bought for 63.4 million TL in April for 1.34 billion TL (about 27 million dollars) in September, and that her husband invested 99.7 million TL and withdrew 826 million TL (about 17 million dollars). As reported by Diken, the allegation covers a purchase of 250,000 shares at 255 TL per share on 8 April and a sale at 4,482 TL in September. According to Emre, the sales were made before 16 September, when the fund crisis spilled over into the stock exchange. According to Turkish Minute, the Capital Markets Board (SPK) filed criminal complaints against 11 people over market-disruptive actions in Özata trading; Kaya and her husband are not on that list.
According to a Sondakika.com report published at 23:30 on 26 September, Kaya announced that she had asked the party chairman to relieve her of all her duties and stressed political and moral rather than legal responsibility; she did not respond to the figures in the allegations. Diken writes that the resignation was announced on X on 27 September, while Cumhuriyet reports that the resignation was accepted; the time of the resignation could not be verified. The name of the person making the allegation is spelled differently in Diken, while Turkish Minute and Cumhuriyet give the name Zeynel Emre.
The allegation marked the first time the crisis, which has grown with the 131 funds and roughly 18 billion dollars in assets that SPK placed into liquidation on 17 September, has touched the leadership tier of the ruling party. On the same day, the Justice Minister announced that the assets of 46 legal entities, 18 funds and 42 individuals had been frozen; whether Kaya and her husband are on this list was not disclosed and could not be verified.
Talay assessment
Bottom line
The resignation has moved the fund crisis from a capital markets problem to a matter of political accountability. The alleged rise from 163.46 million TL to 2.17 billion TL has not yet become the subject of an official investigation; Kaya and her husband are not among the 11 people named in SPK's criminal complaint over Özata. The most likely path is for the allegation to enter SPK and prosecutorial review and for the political cost of the crisis to stay on the opposition's agenda.
Likely effects
- Investor confidenceNegative1–6 months
The perception that politically connected people exited funds and thinly traded shares before the crisis is amplifying complaints of unequal treatment in the liquidation of 131 funds with 455,758 investors and may delay the return of retail investors to the stock market.
- Domestic politicsNegativeWeeks
The resignation of a figure from the ruling party leadership raises the question of whether the investigation will widen to political figures and overshadows the economic management's 'no systemic risk' message.
- Market regulationUncertain1–6 months
The Özata case, a thinly traded share that rose from 255 TL to 4,482 TL, has exposed an oversight gap; pressure on SPK to tighten rules on concentrated positions is increasing.
Possibilities, ranked
- 1SPK and prosecutorial review55%
The allegation is taken into official review, and the transactions of Kaya and her husband are added to the Özata file or a separate file is opened.
Watch: An expansion of SPK's Özata criminal complaint list or a statement from prosecutors
- 2Limited to the resignation35%
No official proceedings begin, the matter remains a political debate and drops off the agenda.
Watch: No report of an official investigation within 2 weeks after 27 September
- 3Chain of resignations10%
Similar allegations extend to other politicians and new resignations follow.
Watch: Allegations announced by the opposition with new names and figures
Probabilities are calibrated judgement based on the sources, not measurement, and are revised as new information arrives. Not investment advice.
Market reaction
Indicators affected
- Alleged exit▼ 2.17 billion TL
- Özata share (alleged)▼ 255 → 4,482 TL
Sources
- Turkish Minute — Opposition alleges former minister profited before Turkey's fund crisis
- Cumhuriyet — AKP Deputy Chair Fatma Betül Sayan Kaya, named in the fund crisis, resigns
- Diken — Former minister Fatma Betül Sayan Kaya, accused of 'fund profiteering', resigns
- Sondakika.com — Allegation that '163 million lira was multiplied 20-fold in 4 months': Sayan Kaya resigns