Turkey's top capital-markets regulator and a senior Treasury and Finance Ministry official left their posts on October 19, 2026, as scrutiny mounted over a fund-market crisis that has frozen the holdings of hundreds of thousands of investors, according to Turkish news outlets.
Mahmut Sütçü, chairman of the Capital Markets Board (SPK), submitted his resignation on October 19, citing health problems, according to Turkish news outlets NTV and Sözcü. Sütçü had led the agency for about five months, having been appointed chairman on May 9, 2026, after serving as second deputy chairman since November 2024, according to NTV and Memurlar.net.
On the same day, Deputy Treasury and Finance Minister Osman Çelik presented his retirement petition to Finance Minister Mehmet Şimşek, effective immediately, financial news outlet Milliyet/Uzmanpara reported. Çelik had held the deputy-ministry post for about three years, since 2023, according to Milliyet/Uzmanpara.
What triggered the fund crisis
The SPK decided on September 17, 2026, to halt trading and order the liquidation of 131 investment funds managed by seven portfolio-management companies, according to Memurlar.net and Birgün. Memurlar.net put the number of affected investors at 455,758; Sözcü described the number as more than 500,000 people unable to withdraw their money.
A family connection raised questions about Çelik
Çelik's son-in-law, İskender Balcı, a board member at Özata Denizcilik (Özata Shipping), was arrested on October 2, 2026, as part of the fund investigation, Sözcü reported. Balcı was one of four suspects jailed in that wave of the probe, alongside Ali Çil, İsmet Öğüt and Adem Karatepe; nine other suspects, including Destek Yatırım Bankası general manager Özgür Akayoğlu and Özata Denizcilik board member Altuğ Kantarcı, were placed under judicial supervision, according to Sözcü.
Sözcü also reported that Balcı is the son of Mustafa Balcı, described by Sözcü as a former member of Turkey's Banking Regulation and Supervision Agency (BDDK) board.
Çelik's retirement letter did not state a reason, according to Milliyet/Uzmanpara.
Wider fallout and oversight response
President Recep Tayyip Erdoğan tasked Turkey's State Audit Institution (Devlet Denetleme Kurulu) on September 29, 2026, with examining the fund-market crisis, according to Memurlar.net. Birgün reported that the SPK had identified risks in the fund market as early as the final quarter of 2025 before acting in September 2026; Memurlar.net cited criticism that the regulator had not carried out its supervisory duties in a timely manner.
What is known and what remains unclear
- Confirmed: Sütçü resigned and Çelik requested retirement on October 19, 2026.
- Confirmed: 131 funds from seven portfolio-management firms were ordered liquidated on September 17, 2026; Memurlar.net reported 455,758 affected investors, while Sözcü described the number as more than 500,000.
- Confirmed: Çelik's son-in-law İskender Balcı was arrested on October 2, 2026, in the investigation.
- Unclear: Neither official's departure statement linked it directly to the fund crisis; Sütçü cited health reasons, and Çelik's letter gave no reason, according to NTV and Milliyet/Uzmanpara.
Key figures in the SPK fund crisis| Figure | Detail | Source |
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| Funds liquidated | 131 funds, 7 portfolio-management firms (decided Sept 17, 2026) | Memurlar.net / Birgün |
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| Investors affected | 455,758 (Memurlar.net); described as 'more than 500,000' by Sözcü | Memurlar.net / Sözcü |
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| Arrests (Oct 2 wave) | 4 jailed; 9 others placed under judicial supervision | Sözcü |
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| SPK chairman tenure | Sütçü: May 9, 2026 – Oct 19, 2026 | NTV |
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| Deputy minister tenure | Çelik: 2023 – Oct 19, 2026 retirement | Milliyet/Uzmanpara |
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Questions
- Why did SPK chairman Mahmut Sütçü resign?
- Sütçü cited health problems in his resignation, submitted on October 19, 2026, according to NTV and Sözcü. He had been chairman since May 2026, after weeks of public scrutiny over the fund crisis.
- Why did Deputy Minister Osman Çelik retire?
- Çelik's retirement petition to Minister Mehmet Şimşek did not state a reason, per Milliyet/Uzmanpara. His son-in-law, İskender Balcı, had been arrested on October 2, 2026, in the related fund investigation, according to Sözcü.
- What is the fund crisis about?
- Turkey's Capital Markets Board ordered the liquidation of 131 investment funds run by seven portfolio-management firms on September 17, 2026, according to Memurlar.net and Birgün. Memurlar.net reported 455,758 affected investors, while Sözcü described the number as more than 500,000 people unable to withdraw their money.
- Is there government oversight of the crisis?
- President Erdoğan assigned Turkey's State Audit Institution to examine the fund crisis on September 29, 2026, according to Memurlar.net, amid criticism that the SPK had delayed acting on risks it had reportedly identified in the final quarter of 2025, per Birgün.
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