Former Deputy Minister Fatma Betül Sayan Kaya Arrested in Fund Investigation; Allegations Swirl Around Erişah Arıcan's Detention

Former Deputy Minister Fatma Betül Sayan Kaya has been arrested on charges of violating the Capital Markets Law and membership in an organization formed for the purpose of committing crimes, in connection with the fund investigation. Following the arrest order, Sayan Kaya's positions within the AKP were also terminated.

In the referral document, it was noted that Sayan Kaya maintained an ongoing acquaintance with Tera Group executive Erdin Özel from the past, and that this contact intensified during the share investment process. Sayan Kaya is said to have also met with Tera Group Board Chairman Emre Tezmen. According to the document, Sayan Kaya purchased OZATD shares in April 2023, with the sale date listed as September 16. The document stated that the shares in question were not sold on the market but were acquired by Tera Yatırım Menkul Değerler AŞ through a book transfer, and the payment was deposited into the suspect's account on the same day.

Journalist Fatih Altaylı wrote that the investigation has "progressed to a more critical stage." According to Altaylı, individuals with names such as K. Akkaya and N. Çevik, as well as BDDK Deputy Chairman M. Erişen and Takasbank General Manager Y. Arıncı, were also detained as part of the investigation. Based on information from circles close to the government, Altaylı wrote that Erişah Arıcan—Borsa İstanbul's first female board chairman and also a member of the Turkey Wealth Fund Board of Directors—could also be detained; however, he emphasized that this would not be "easy."

Arıcan was appointed to the Borsa İstanbul Board of Directors on April 1, 2016, and to the Turkey Wealth Fund Board of Directors on September 12, 2018; she has served as Borsa İstanbul Board Chairman since September 27, 2018. Arıcan is also known to be thesis advisor to former Treasury and Finance Minister Berat Albayrak.