Developing Story
Turkey's $18bn Stock Market Scandal
Turkish President Erdoğan is moving to contain fallout from an $18 billion stock market manipulation scandal that has already forced the resignation of his party's deputy chair. The crisis adds to existing turmoil in Turkey's financial markets.
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## Overview
President Recep Tayyip Erdoğan is seeking to contain fallout from an $18 billion stock market scandal in Turkey, vowing that those "engaged in manipulative schemes" will be held accountable (FT, September 28). The crisis has already claimed a senior political casualty, with the deputy chair of the governing AK Party resigning (FT, September 28).
## Key Details
- The scandal involves alleged manipulation in Turkey's stock market valued at $18 billion (FT, September 28)
- Erdoğan publicly pledged accountability for those involved in manipulative schemes (FT, September 28)
- The deputy chairman of Erdoğan's governing party has resigned amid the fallout (FT, September 28)
## Why It Matters
This scandal compounds existing stress in Turkey's financial markets, following a related small-cap equity selloff already being tracked. It raises questions about regulatory oversight, political accountability within Erdoğan's party, and investor confidence in Turkish markets at a sensitive economic moment.
## Developments to Watch
- Further resignations or purges within the AKP
- Regulatory and criminal investigations into market manipulation
- Market reaction and potential capital flight
- Erdoğan's handling of the crisis ahead of domestic political tests