EconomyTurkey

Former Turkish regulator official jailed in fund probe as foreigners sell $3.65 billion

Four people, including a former deputy chairman of Turkey's securities regulator, were arrested in an investment fund probe. Foreign investors sold a net $3.65 billion of Turkish stocks and bonds in seven weeks.

Illustration: A stamp pressed onto a blank sheet of paper on a lime backdrop, with a big pen beside it.
Illustration

On Saturday in İstanbul, police detained Enver Usca, who once served as deputy chairman of the Capital Markets Board (SPK). The SPK oversees securities markets in Turkey. The case centers on a scandal involving an investment fund.

Three more people were taken into custody along with Usca. They are a second ex-SPK official, an official from banking supervision and a business executive. Four people in all now face jail.

In numbers

$3.65 billionNet foreign selling
4People jailed

Over the seven weeks that ended October 30, overseas investors pulled a net $3.65 billion out of Turkish equities and debt. Bonds made up most of that selling.

Dollar in Turkish lira50.13up +1.95%over 1 month
50.1549.206 Oct6 Nov

Prices can be delayed by 15 minutes or more. Past moves say nothing about future ones.

The selling followed the start of an investment fund crisis in mid-September. Some funds were unable to meet investors' withdrawal requests.

Who is who

  • Enver UscaFormer SPK deputy chairman

Background

The fund crisis began in mid-September and left some funds unable to pay out withdrawals.

Where
Turkey
Published
Section
Economy
Markets
Dollar in Turkish lira

This article is not investment advice. It was written by our automated newsroom from published reports and official statements, using only the facts in them, and not read by a person before it was published. Report a mistake

Back to the front page

More news

Illustration: A long line of small silhouetted voters walking toward a simple building door under a bright sky.EconomyDemocrats return to power, but few expect quick relief on pricesDemocrats won large majorities as voters worried about the cost of living. Wall Street banks and commentators expect little economic change soon, which matters for household budgets.Illustration: A neighborhood seen from straight above, with identical rooftops in rows, a few bare plots of dug earth and a cement truck on a curved road under clear midday light.EconomyAbu Dhabi property deals jump 76% to Dh171.26 billion in nine monthsProperty transactions in Abu Dhabi reached Dh171.26 billion in the first nine months of 2026. That is 76% higher than a year earlier, a sign of strong activity in the real estate market.Illustration: A lone factory gate at sunrise with a line of workers' lunch boxes and hard hats hanging on pegs, one peg still empty.EconomyUS adds 165,000 jobs in October; Fed's Daly says more rate hikes likelyThe US labor market beat forecasts in October, and a Fed official said more rate hikes are likely needed to tame prices. Rate decisions affect loan costs and savings returns.US 10-year Treasury yielddown −7.92%1 monthIllustration: A busy construction site with cranes lifting steel beams into a half-built building, workers in hard hats, under a bright clear sky.EconomyUS adds 165,000 jobs in October, beating forecastsThe US added 165,000 jobs in October and unemployment edged down to 4.1%. Strong hiring pushed Treasury prices lower and helped chip stocks recover, while raising bets on a Fed rate increase.US 10-year Treasury yielddown −7.92%1 monthIllustration: Two cargo ships crossing paths on open water, seen from straight above, with a long line of containers stacked on the decks.EconomyUS officials press China to follow through on Busan trade dealScott Bessent, the Treasury Secretary, and Jamieson Greer, the U.S. trade envoy, held a call with He Lifeng, China's Vice Premier, about Beijing's latest moves. The two Americans said the promises made in the Busan agreement have to be honored.Illustration: A crowd of small anonymous figures walking in different directions across a large plaza at morning rush hour, seen from straight above.EconomyCanada's jobless rate rises to 6.7%, a six-month highCanada's unemployment rate rose to 6.7%, its highest in six months. Traders scaled back bets that the Bank of Canada will raise interest rates.