Erdoğan pledges robust economy and safeguards investors amid fund probe
President Recep Tayyip Erdoğan announced measures to protect citizens from losses in the ongoing fund investigation and said a new board will oversee the liquidation process.
At a gathering of the Justice and Development Party, President Recep Tayyip Erdoğan outlined a roadmap for handling the fund investigation, including the creation of a fully empowered board led by the vice president to coordinate fund liquidation. He instructed the State Supervisory Council to join the effort and promised a swift resolution. Erdoğan asserted that Türkiye’s economy will be reinforced and capital markets will be healthier after the episode, assuring the public that losses will be avoided.
He warned that anyone who misappropriates state or public assets will face legal action. Authorities have already detained five individuals while probing alleged fraud, money laundering, and breaches of capital-market rules. The announcement follows broader moves by the Capital Markets Board to suspend trading in several investment funds and to liquidate certain holdings to protect investors.
Why it matters
The plan aims to shield Turkish investors and maintain market confidence while holding corrupt actors accountable.
How this story developed
- Sep 16 Turkish market pauses trading as BIST 100 slides amid fund payout woes
- Sep 21 Courts imposed travel bans and asset freezes on the suspects.
- Sep 25 The liquidation deadline for the 131 funds was extended to six months.
- Sep 28 Comedian Deniz Göktaş began a court hearing in Istanbul on charges of insulting President Recep Tayyip Erdoğan and inciting hatred after a June stand-up routine.
- Sep 28 A count of praising crime was added to the indictment.
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