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Former Turkish Family and Social Policies Minister Fatma Betül Sayan Kaya has been arrested as part of an investigation into alleged irregularities in capital market transactions, following a court ruling in Istanbul.
Kaya was detained on charges of violating Türkiye's Capital Markets Law and membership in a criminal organisation after prosecutors referred her to an on-duty criminal judgeship of peace with a request for her arrest.
She had appeared at the Istanbul Courthouse on Thursday to testify in an investigation conducted by the Istanbul Chief Public Prosecutor's Office's Bureau for Terrorism Financing and Money Laundering Investigations. Her questioning by prosecutors lasted two hours and 15 minutes.
The court subsequently ruled to arrest Kaya, while her husband, İlyas Kaya, and former Capital Markets Board (SPK) chairman İbrahim Ömer Gönül were released under judicial control, including regular reporting requirements and travel bans.
According to the prosecution's referral document, the investigation centres on transactions involving shares of Özata Denizcilik (OZATD). The Capital Markets Board reportedly prepared a report indicating that Kaya may have had access to undisclosed information capable of influencing share prices and investors' decisions.
Prosecutors allege that Kaya purchased OZATD shares in April 2026 and transferred them to Tera Investment on September 16, one day before a decision was taken to liquidate investment funds linked to the investigation.
The referral document states that the shares were transferred directly rather than sold through ordinary market transactions, allowing the proceeds to be credited to Kaya's account on the same day, instead of following the standard two-business-day settlement period.
Prosecutors cited her alleged contacts with executives of the Tera Group, the scale of her investment despite reportedly being a first-time stock market investor, and the timing of the transaction as grounds for suspecting that she had prior knowledge of developments affecting the market.
They argued that the circumstances indicated a strong suspicion of criminal involvement and that judicial control measures would be insufficient to prevent potential flight or interference with evidence.
The investigation forms part of a broader probe into suspected irregularities and manipulation involving investment funds and publicly traded shares. Authorities have been examining transactions involving several investment funds amid a market crisis that triggered a sharp sell-off in Turkish stocks in September.
Kaya served as Türkiye's family and social policies minister between 2016 and 2018. She resigned from her senior position in the ruling Justice and Development Party (AK Party) in September after allegations emerged that she and her husband had made substantial profits from share transactions ahead of the market downturn.
The investigation remains ongoing, and the allegations against Kaya have not yet been established by a final court judgment. (ILKHA)
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