Former minister Fatma Betül Sayan Kaya denied allegations of stock market manipulation, telling prosecutors that she did not act on information provided by investment fund managers, daily Hürriyet reported on Nov. 9.
Kaya was jailed pending trial last week on charges of membership in a criminal organization and violating capital markets legislation, following a second round of questioning by prosecutors in Istanbul.
Türkiye has been grappling with a major financial scandal since mid-September, when the collapse of an investment scheme prompted market regulators to suspend and liquidate 131 investment funds suspected of manipulation.
In her latest testimony, Kaya rejected the allegations against her, saying: “I do not accept the charges against me. I am innocent. It has been claimed that I held extensive talks with Tera management, but I categorically deny having any such meetings,” as quoted by daily Hürriyet.
Kaya said she had studied economics at university and was familiar with the stock market, but had refrained from investing in previous years because of her political identity, making investments only this year.
“My husband and I had some savings. We wanted to put this money to good use,” she said.
However, in its submission to the court seeking her detention, the prosecution cited a Capital Markets Board (SPK) report alleging that Kaya had access to non-public information about the planned liquidation of investment funds.
She sold her shares in Özata Denizcilik on Sept. 16, a day before the liquidation decision was announced, in an unusually swift transaction that bypassed the standard two-day settlement period.
The former family minister is accused of securing illicit gains through one of the funds placed under liquidation by the SPK.
Meanwhile, Justice Minister Akın Gürlek said on Nov. 9 that those responsible for overseeing the funds would also come under scrutiny.
“As the investigation deepens, links extending to the supervisory mechanisms themselves are also being examined,” Gürlek told a parliamentary commission.
