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Mahmut Sutcu, chairman of Türkiye's Capital Markets Board (CMB), submitted his resignation Monday, citing health problems amid an investment fund crisis that has led to fund closures, liquidation orders and criminal investigations.
The turmoil began last month when several funds reported being unable to meet investors' redemption requests during a market sell-off, triggering a broad investigation into suspected price manipulation involving thinly traded stocks.
The CMB subsequently suspended trading in 131 funds managed by seven asset management companies, affecting nearly 500,000 investors.
Osman Celik, deputy minister of Treasury and Finance, also submitted his retirement petition Monday, according to information obtained from the ministry and reported by Anadolu Agency.
Celik handed the petition to Minister Mehmet Simsek, and it takes effect the same day.
The ministry information did not give a reason for Celik’s retirement.
Sutcu, by contrast, cited health problems in his resignation.
Celik, born in 1964 in the Kemaliye district of Erzincan, has worked in finance for roughly four decades.
His career includes senior banking posts before he became head of the Treasury, which he led as undersecretary from June 2016 to March 2022, according to ministry records.
During that period he also served as Türkiye’s representative to the Group of 20 major economies, known as the G20 sherpa, and as an executive board member of the Islamic Development Bank.
He was appointed deputy minister in June 2023, one of four deputies named after Simsek took over the ministry following that year’s general elections. All four had previously worked with Simsek.
The CMB is Türkiye’s main securities regulator, responsible for overseeing capital markets, including investment funds. Sutcu’s departure leaves the board without its chairman at a time when it is handling the fallout from the fund crisis.
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