Turkey lifts asset freezes in fund probe as ruling-party deputy chair quits amid share trading allegations

Published on 28/09/2026 - 12:09 GMT+2•Updated 12:11 Turkish prosecutors have lifted asset restrictions on companies and funds named in an investigation into the country’s investment fund crisis. More than 450,000 investors hold stakes in funds worth more than $18 billion that are now being liquidated. ADVERTISEMENT ADVERTISEMENT As part of the investigation into investment funds and suspected market manipulation, authorities froze the assets of 46 legal entities, 18 funds and 42 individuals over the weekend, according to Justice Minister Akın Gürlek. Following a new assessment by the Capital Markets Board, the Istanbul Chief Public Prosecutor’s Office lifted restrictions on 45 companies and 19 funds. Measures against individuals remain in place. Treasury and Finance Minister Mehmet Şimşek said protecting investment, employment, production and exports was a priority. He said legal proceedings against those involved in activity that distorted the market would continue, while people and companies unconnected to it would not face action. The decision followed the resignation of Fatma Betül Sayan Kaya, a deputy chair of President Recep Tayyip Erdoğan’s ruling AK Party. She said late on Saturday that she had asked to step down amid the widening investment fund crisis. Kaya, who also served Kaya, who served as Turkey 's family and social affairs minister from 2016 to 2018, stepped down after being accused of selling shares worth tens of millions of dollars shortly before the stock market plunged. AK Party spokesman Ömer Çelik said on Sunday that Erdoğan had accepted her resignation. "We declare that all those who are involved in irregularities, corruption, abuse or anything that causes harm will be held accountable," Çelik added. Turkish stocks plunged on 16 September amid suspected share-price manipulation involving several investment funds. Opposition New Party spokesman Zeynel Emre alleged that Kaya had received some 1.3 billion Turkish lira (€23.3 million) when she sold shares shortly before the plunge. Emre also claimed that Kaya had bought the shares, most of them in shipbuilding company Özata Denizcilik, for 63.4 million lira (€1.1 million) in April. Emre questioned the timing of the sales, alleging that Kaya had received advance information about the impending market turmoil. Kaya has not responded directly to the allegations. She said she was stepping down so the claims could be “clarified” and asked forgiveness from Erdoğan, who also chairs the AKP. How the fund crisis unfolded The crisis began after tighter rules introduced by the Capital Markets Board on 28 August were followed by withdrawals from some investment funds. Several held large stakes in thinly traded shares, making it difficult to sell those holdings quickly without pushing prices down. As funds struggled to meet withdrawal requests, selling pressure grew, and Turkish stocks fell sharply on 15 and 16 September. On 17 September, the Capital Markets Board (SPK) decided to liquidate 131 funds belonging to Tera, Pusula, Hedef, Atlas, A1 Capital, Pardus and Bulls Portfolio. The turmoil prompted an investigation by the Istanbul Chief Public Prosecutor’s Office. Turkish authorities are investigating whether the funds’ valuations were artificially inflated. Media reports put the value of the affected funds at more than $18 billion (€15.7 billion). As part of the investigation, at least 45 people have been arrested.