An Istanbul court has remanded former Family and Social Policies Minister Fatma Betül Sayan Kaya in custody as part of an investigation into Türkiye’s investment funds.
The decision followed questioning on Nov. 5 over suspected violations of the Capital Markets Law and membership of a criminal organization.
Her husband, İlyas Kaya, and former Capital Markets Board (SPK) Chairman İbrahim Ömer Gönül were released subject to foreign travel bans and requirements to report regularly to authorities.
In their request for Kaya’s detention, prosecutors cited an SPK report alleging that she possessed unpublished information capable of influencing the price of shares in Özata Denizcilik or investors’ decisions.
According to the request, Kaya bought the company’s shares in April and sold them on Sept. 16, a day before the decision to liquidate the funds.
The shares were transferred directly to Tera Yatırım Menkul Değerler rather than sold on the market, and the proceeds were credited to her account the same day, prosecutors said.
The request contrasted this with the stock’s normal settlement period of two business days.
Prosecutors argued that the timing, her contacts with Tera Group executives and the size of what they described as her first stock investment indicated advance knowledge of the liquidation decision.
During earlier questioning on Oct. 7, Kaya and her husband denied receiving privileged information or guidance on their investments.
President Recep Tayyip Erdoğan pledged that those involved in market manipulation or illicit gains would be held accountable.
“People you would never have expected have become involved in these affairs,” Erdoğan told reporters on his return flight from South Korea, saying the authorities were uncovering bribery, irregularities and abuse.
He said the State Supervisory Council was conducting its own inquiry, while the Fund Coordination Board, chaired by Vice President Cevdet Yılmaz, was coordinating steps to repay investors.
Payments under extraordinary liquidation procedures had begun on Oct. 30 and were continuing, Erdoğan said.
He stressed that repayments would be financed through liquidations and the recovery of money owed, without using public funds.
