Critical Day in Turkish Politics: İmamoğlu to Testify Amid Espionage Probe — CHP on High Alert, Markets Brace for Possible Trustee Appointment

The opposition warns of a political operation as Istanbul’s mayor faces questioning. Analysts fear a potential “trustee shock” could shake both politics and markets.

ISTANBUL — Turkey faces one of its most politically charged days in months as Ekrem İmamoğlu, the jailed Istanbul Metropolitan Mayor and opposition presidential candidate, is set to testify today in an espionage investigation that could redefine the balance of power — and spook financial markets.

İmamoğlu is scheduled to appear at Istanbul’s Çağlayan Courthouse at 11 a.m. to give his statement in a case alleging links between his campaign team and businessman Hüseyin Gün, accused of “spying for foreign states.”

Political analysts warn that if prosecutors request, and a court approves, pretrial detention, the government could immediately appoint a trustee (kayyım) to run Istanbul — a scenario that could trigger mass protests and financial volatility.

Espionage Network Claims Deepen the Probe

The Istanbul Chief Public Prosecutor’s Office said the investigation was expanded after seizing encrypted communications and financial records from Hüseyin Gün’s computer.

Journalist Merdan Yanardağ was detained earlier in the same probe, while İmamoğlu’s senior adviser Necati Özkan has also been called in for questioning. According to prosecutors, Gün financed “internal disturbances” in several countries and conducted covert operations using encrypted systems.

Pro-government columnist Cem Küçük claimed that if the allegations prove accurate, “a trustee could legally be appointed to the Istanbul Municipality.”

Pro-AKP journalist: “If allegations are true, a trustee will be appointed to Istanbul Municipality”

CHP Mobilizes, Özel Calls for Crowds at Courthouse

Main opposition leader Özgür Özel, speaking from Lucerne, Switzerland, where he attended the Social Democratic Party congress, urged supporters to gather peacefully outside the courthouse in solidarity:

“Let’s be clear about İmamoğlu’s only crime — he defeated Erdoğan. He is being punished because he won, and because he will win again. To accuse the elected mayor of Turkey’s largest city of espionage is madness.”

Özel accused the government of preparing a “backup plan” to keep İmamoğlu imprisoned after the earlier corruption charges failed. “They couldn’t prove anything before, and now they’re using this ridiculous case to keep him behind bars,” he said.

While Özel avoided mentioning the word “trustee,” CHP officials acknowledged that the mobilization at Çağlayan was intended to “block any judicial overreach through public presence.”

Moody’s Warns Political Tensions Threaten Turkey’s Economic Gains

Istanbul Governor Bans Gatherings

Amid fears of large demonstrations, the Istanbul Governor’s Office announced a 24-hour ban on rallies, sit-ins, marches, and leafleting in Beyoğlu, Kağıthane, Bayrampaşa, and Şişli districts.
Authorities cited “public security concerns” — a move widely interpreted as a preemptive strike against possible mass protests.

Tele1 Takeover Fuels Trustee Fears

Concerns escalated further after the Savings Deposit Insurance Fund (TMSF) appointed trustees to the Tele1 TV channel, led by journalist Merdan Yanardağ, who was arrested as part of the same probe.
The government justified the decision on grounds that the network was “used to commit crimes.”

The move has raised fears that the same legal mechanism could soon be used against the Istanbul Metropolitan Municipality (İBB).
Under Article 47 of Turkey’s Municipal Law, the Interior Minister can temporarily remove mayors under criminal investigation for serious offenses — including espionage.

CHP Response: “They Wouldn’t Dare”

Özgür Özel dismissed the trustee scenario as a bluff:

“There are people trying to fuel this discussion, but they wouldn’t dare. Such a move would face the people’s conscience, and they know it.”

However, party insiders remain on alert, calling the case “a test of Erdoğan’s resolve to neutralize his strongest rival through the courts.”

Markets Brace for Turmoil

The case has already rattled investors.
Analyst Atilla Yeşilada warned that a potential trustee decision or pretrial detention order could trigger panic in financial markets:

“If prosecutors find the allegations sufficient and the court orders detention, the Erdoğan government could move to appoint a trustee tonight. In that case, markets would wake up to shock on Monday. Foreign investors might dump lira assets, and the Central Bank could face days — even months — of intense pressure on reserves.”

Yeşilada noted that Erdoğan may have allowed the CHP’s internal party trial to end in acquittal in order to avoid alienating investors, but kept the Istanbul option as “a more powerful political lever.”

Borsa Istanbul, which gained 3% on Friday, could see sharp losses under such a scenario. The Central Bank (TCMB), already struggling to stabilize the lira, may have to intervene heavily to prevent further depreciation.

A Nation Watching Çağlayan

As İmamoğlu prepares to testify, Turkey holds its breath.
The outcome could determine not only the fate of a popular opposition figure but also the future governance of Istanbul, home to nearly 16 million people and the heart of Turkey’s economy.

Any detention order could escalate political tensions — and ignite another wave of volatility in markets already on edge.