Markets: Turkey hit by biggest stock market scandal in its history
Stock market manipulation scandal widens: now the deputy head of the ruling AKP party is suspected of profiteering. The real economy could also suffer.
Fatma Betül Sayan Kaya, deputy chair of Turkey's ruling AKP party and former minister, is suspected of buying and selling shares of a company linked to the country's largest stock market scandal, pocketing a $25 million profit. The scandal involves seven asset managers controlling 131 funds with $18 billion in assets, who artificially inflated stock prices to lure investors.
Over 455,000 investors, many of them small savers, are now at risk of losing their money. The opposition has accused Kaya and her husband of making a $44 million profit from the scheme, prompting Kaya to resign and apologize to President Recep Tayyip Erdogan.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
