Turkey’s banking regulator chief, Sahap Kavcioglu, asked President Recep Tayyip Erdogan to accept his resignation, as a fund-scandal investigation increasingly targets top regulators and financial officials.
Regulators then ordered the liquidation of 131 funds affecting about half a million investors, while authorities arrested dozens of finance executives. Kavcioglu, a former central bank governor, has been at the helm of the banking watchdog since 2023. It wasn’t immediately clear whether his resignation was accepted. He added that regulator “is one of Turkey’s most respected institutions. The fund scandal erupted in mid-September when several high-profile asset managers failed to meet redemption requests, in what the justice minister has termed a “ Ponzi -like scheme.
“In light of the recent allegations concerning the Banking Regulation and Supervision Agency and myself, I asked President Recep Tayyip Erdogan to relieve me of my duties in order to prevent any further damage to the institution,” Kavcioglu wrote in a post on X on Wednesday. The BDDK “has absolutely nothing to do with the fund issue,” Kavcioglu told local media in an interview published before his resignation request on Wednesday.
