Turkish prosecutors have escalated a high-profile criminal investigation by issuing an arrest warrant for industrialist Turgay Ciner and placing parts of his conglomerate under state trusteeship. The move extends a probe that began on Sept. 11 with the state’s seizure of Can Holding and its media and education assets, now under the custody of Turkey’s Savings Deposit Insurance Fund (TMSF).
According to the Istanbul Chief Prosecutor’s Office, Sunday’s order targets alleged money-laundering tied to Can Holding’s 2024 purchase of TV channels from Ciner Group. Prosecutors said they had appointed trustees over Park Holding and affiliates, including AFC Import Export Tourism, Zeyfa Import Export, and Silopi Electric Production, while also seeking the detention of company executives. Ciner’s location is abroad, authorities noted.
The following day, the investigation widened. Twelve executives linked to Ciner-affiliated firms were taken into custody in coordinated operations, while prosecutors reiterated that Ciner remains wanted. A separate court decision in the Can Holding case has jailed chairman Kemal Can pending trial and placed media chief Kenan Tekdağ under house arrest, reflecting the breadth of the inquiry across corporate ranks.
This latest phase builds on the Sept. 11 enforcement sweep in which prosecutors seized Can Holding and transferred control of its assets to TMSF. Authorities reported seizing the assets of 121 companies and issuing detention warrants for 10 suspects. The portfolio includes Habertürk, Show TV, and Bloomberg HT—channels that Can Holding had acquired from Ciner late last year—as well as major education holdings.
In statements summarized by Turkish and international media, investigators say the 2024 media acquisitions are suspected of laundering illicit proceeds through complex inter-company transfers and document irregularities. The state asserts that trusteeship is intended to ensure uninterrupted operations while the case proceeds. Ciner and Can Holding representatives did not immediately respond to requests for comment in the initial wire reporting.
The case fuses three sensitive fronts in Turkey—media ownership, big industry, and financial crime enforcement. The Sept. 11 seizures effectively put a large swath of private broadcasting under TMSF custodianship, a step that media-freedom groups and analysts say could deepen state leverage over TV news even if channels keep airing. The subsequent turn toward Ciner Group, a mining-to-energy heavyweight, signals potential spillover beyond media into core industrial holdings.
Ciner exited media in December 2024 by transferring Habertürk, Show TV, and Bloomberg HT to Can Holding, a transaction now central to the money-laundering hypothesis. That sale is the hinge connecting the Sept. 11 seizures to the Sept. 28–29 actions that pulled Ciner into the case.
