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Türkiye's ruling Justice and Development Party (AK Party) Deputy Chair Fatma Betul Sayan Kaya asked President Recep Tayyip Erdogan late Saturday to relieve her of all her duties after an opposition politician accused her of profiting from share trades just before Türkiye's investment funds crisis.
Kaya, responsible for social policies in the ruling party and a former family minister, said she was taking political responsibility so the allegations could be investigated.
She did not comment on the specifics of the claim.
The funds crisis, which led regulators to place all 131 investment funds into liquidation, has affected more than 455,000 individual investors.
Opposition alleges Sayan Kaya profited from shipbuilder shares
Yeni (New) Party spokesperson Zeynel Emre alleged at a press conference Saturday that Kaya and her husband, Ilyas Kaya, invested a combined ₺163 million ($3.3 million) in April, mainly in shares of shipbuilder Ozata Denizcilik, and later received about ₺2.17 billion ($44 million) from selling them.
Ozata Denizcilik shares rose from around ₺220 at the start of April to ₺4,980 on Sept. 15, before suspected share-price manipulation in thinly traded stocks triggered a liquidity crisis and a selloff on Sept. 16.
Emre said the timing of the transactions raised questions.
Ozata Denizcilik said in a regulatory filing Friday that its chairman, Ozdemir Ataseven, and vice chairman, Gokhan Ataseven, had been jailed pending trial as part of the investigation into the crisis.
In a statement on social media platform X, Kaya said President Erdogan had called for the allegations to be investigated in all aspects, "whoever it may be."
"The duty we have undertaken toward our nation also requires taking political and moral responsibility when necessary," she wrote.
"Therefore, I consider it necessary to take political responsibility so that the post I hold does not become a subject of any debate during a process in which the allegations concerning me will be clarified, and so that the review and investigation can be carried out independently and soundly without being overshadowed," Kaya said.
"With this understanding, for the sake of the process and so that the allegations can be clarified in all aspects, I have asked our Chairman to relieve me of all the duties I carry out," she added.
AK Party spokesperson Omer Celik said the party was closely following the funds crisis on Erdogan's instructions.
"Nothing will remain in the dark and what is necessary will be done. If there is an allegation, it will be investigated. All irregularities will be uncovered. Those who did wrong will be held accountable before the law," Celik said.
"There is no systemic risk to our financial system and the Turkish economy. Our foundations are solid. It is a problem that emerged in a limited part of the capital markets, in a certain number of funds," he said.
The crisis began in early September after the Capital Markets Board (SPK) required investment funds to diversify rather than invest all their assets in a single stock. Funds began selling shares to comply, prompting investors to cash out.
Several companies later admitted they could not meet redemption demands, sending Istanbul's main stock exchange tumbling.
Authorities took steps last week to support financial stability.
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