Türkiye’s Banking Regulation and Supervision Agency (BDDK) head Şahap Kavcıoğlu has announced that he resigned from his post.
Şahap Kavcıoğlu, head of Türkiye’s Banking Regulation and Supervision Agency (BDDK), has announced that he resigned from his post amid allegations concerning the regulator and himself.
“Following the recent allegations concerning the BDDK and myself, I have asked our president, Recep Tayyip Erdoğan, to relieve me of my duties to prevent further damage to our institution,” Kavcıoğlu said in a statement on social media.
“I extend my deepest gratitude to our president for entrusting us with these duties,” he added.
Several Turkish investment funds failed to meet investors’ withdrawal and redemption requests in September, prompting the Capital Markets Board (SPK) to order the liquidation of more than 130 funds.
The funds managed an estimated $18 billion to $21 billion in assets and had approximately 455,000 individual investors.
Former Family and Social Policies Minister Fatma Betül Sayan Kaya was arrested earlier this month on charges of membership in a criminal organisation and violating capital markets legislation as part of the investigation into the investment fund scandal.
Authorities have taken legal action against more than 460 people since the investigation began. At least 120 suspects have been remanded in custody.
