Judicial Turmoil: Istanbul Court's Decision Shakes Turkish Politics

A Turkish court has removed the Istanbul provincial head of the main opposition Republican People's Party (CHP), a move that has rattled political and financial stability in the country. The court claimed that the delegates' votes at a 2023 provincial congress were swayed by cash payments, leading to the removal of the board members elected during the event.

Defying the court's ruling, the CHP has denied any wrongdoing and argued that the court lacks the authority to overturn congress decisions. In response, the party's central executive board convened to strategize future actions, with former CHP deputy chair Gursel Tekin appointed as interim provincial head, succeeding the ousted Ozgur Celik.

Following the court's verdict, Turkish stocks plunged, closing down 3.57%, with a significant drop in the banking index. International bonds have also been affected, reflecting broader market selloffs. This ruling may influence an upcoming court case in Ankara concerning CHP leader Ozgur Ozel. As pressure mounts on the opposition, accusations surface against President Erdogan for utilizing legal measures to destabilize rival parties ahead of the 2028 elections.

(With inputs from agencies.)