An Istanbul court ordered the arrest of Fatma Betul Sayan Kaya, a former minister and deputy chair of the ruling Justice and Development Party (AKP), on Friday. The prosecutor’s office accused her of being a member of an organised crime group and violating stock market law. Her husband, Ilyas Kaya, and Ibrahim Omer Gonul, a former Capital Markets Board chair, received travel bans but avoided detention. Kaya served as family and social policies minister from 2016 to 2018 before resigning in September after allegations regarding share transactions by her and her husband surfaced.
Financial Accusations and Party Response
Investigators allege that Kaya illegally profited through share-price manipulation. She reportedly invested 163 million lira, roughly 2.7 million euros, in an investment fund and subsequently received 2.17 billion lira, approximately 38.4 million euros. The couple denies any wrongdoing and has transferred some profits to an account designated by banking regulators. The AKP government welcomed the arrest order as proof of their good governance. Justice Minister Akin Gurlek wrote on X, "We move forward by renewing ourselves! We are constantly reborn." He added that the party parts ways with those who do wrong and succumb to their own desires. This public endorsement contrasts sharply with the severity of the charges against a high-ranking official.
Investigation Scope and Family Ties
The investigation has already resulted in more than 100 detentions. Turkey’s Capital Markets Board ordered the liquidation of 131 investment funds managed by seven portfolio management companies. Reuters reports the funds’ assets are worth around 18.8 billion euros, involving about 353,000 investors. A Turkish television channel puts the total number of investors at more than 514,000. Kaya comes from a family with significant experience in public office. Her brother, Omer Fatih Sayan, was appointed to the Energy Market Regulatory Board in July. Her sister, Ayse Hilal Sayan Koytak, became ambassador to Finland in September. Another sister, Nazmiye Sumeyye Sayan, previously served on Istanbul’s municipal council. The scale of the fraud is staggering given the number of affected investors.
