WITH VOTES SLIPPING, ERDOĞAN TURNS TO PENSIONERS EARLY
Losing votes over the fund scandal and shaken almost daily as new figures with party links are exposed, the AKP government launched its election campaign early.
Analysis
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Losing votes over the fund scandal and shaken almost daily as new figures with party links are exposed, the AKP government launched its election campaign early.
Sweeping reforms to capital markets institutions will hinge on a State Audit Council (DDK) report on the multi-billion-dollar investment fund scandal, with President Recep Tayyip Erdoğan awaiting its findings before taking action.
The crisis in Turkey’s Ponzi-style fund industry is heading for deadlock as the government refuses to disclose the 141 people and 73 companies that each made more than 100 million liras in unjust gains despite opposition demands for transparency.
With the investment fund scandal still unfolding, a new allegation has come to light: companies were asked for bribes to secure approval from the Capital Markets Board (SPK) to go public.
Several weeks have passed since the fund scandal broke, but no official responsible has been arrested or fired. One investigation permit has been granted for a former official, while the government is in a hurry to complete the legal steps that would put an end to the scandal.
Authorities have ordered an access ban on the X accounts of the left-wing TİP headquarters and its Istanbul branch, the party said on Oct. 14, following thousands of similar bans on the accounts of academics, journalists, websites and associations.
For nearly half a million retail investors caught in Turkey’s worst financial storm in years, compensation has finally begun to flow. But the first cash distributions came as the fallout spread beyond Turkey’s borders: global index provider MSCI froze index changes for Turkish equities on Oct. 15 and warned of a possible downgrade, while prosecutors broadened their probes and lawmakers scrambled to pass emergency legislation.
The ruling party has rapidly rolled out compensation for some victims of the stock market scandal that is rocking the government, and cut ties with one former minister, while the main opposition Yeni Party links two sitting ministers to the affair.
In one of the country’s largest financial scandals, payments to victimized fund investors began and priority will be given to small investors, according to statements from officials.
The government is seeking to create the impression that it is cutting ties with those involved in the stock market scandal and has launched an investigation, announcing that up to a million liras of losses will be repaid to investors soon. But the opposition calls it the 'corruption of the century' and is seeking a parliamentary inquiry.
Fatma Betül Sayan Kaya is a politician who has figured prominently in the latest investment fund scandal. She and her husband made staggering sums from funds in a very short time.
The scandal surrounding Özyurt Arms is no longer limited to unauthorized ammunition production but also about corruption in the media.