Istanbul prosecutors have ordered the appointment of trustee to oversee Can Holding, owner of one of the country’s largest media and education groups, and the seizure of assets belonging to 121 affiliated companies as part of a major financial crimes investigation.

The holding owns prominent television channels such as Habertürk TV, Show TV, and Bloomberg HT, as well as the online platforms of these media brands. It also operates in the education sector, with İstanbul Bilgi University, one of Turkey's reputable higher education institutions, and Doğa Koleji school chain under its umbrella.

The Istanbul Küçükçekmece Chief Public Prosecutor’s Office launched the investigation, which led to raids targeting 10 individuals this morning. The suspects were taken into custody by teams from the Istanbul Gendarmerie Command.

Prosecutors are investigating allegations of “establishing a criminal organization, smuggling, fraud, and money laundering.”

The seized assets have been transferred to the Savings Deposit Insurance Fund (TMSF), which will serve as the trustee for the companies.

The seizure was also announced live on air by Habertürk TV. During the channel’s morning news program, anchor Mesut Yar announced the news, saying, “As you’ve also read, the TMSF has seized Can Holding, which owns this place as well. I swear on my honor that I know nothing beyond that.”

In a written statement, the prosecutor’s office alleged that “a criminal organization was formed through companies operating under Can Holding” and that this network engaged in “qualified fraud, tax evasion, and laundering of illicit funds through complex financial activities.”

The Financial Crimes Investigation Board (MASAK) and other financial oversight bodies provided reports that formed the basis of the investigation, according to the statement.

These reports indicated that large sums of untraceable money were funneled into the group’s companies, shifted between various firms to obscure their origins, and used in transactions involving fake invoices and documents to reduce tax liabilities.

Authorities claim the scheme was led by Kemal Can and Mehmet Şakir Can, owners of the holding who allegedly created multiple companies in the same sectors to evade scrutiny and distribute legal responsibility.

The group is also accused of misusing capital increase mechanisms to inject illicit funds into inactive companies under the guise of legal investment.

The prosecutor's office stated that “capital increases were shown as debts to shareholders,” and that these amounts were then reintroduced into the system under the Asset Peace Law, a controversial regulation that allows funds held abroad to be brought into Turkey with reduced scrutiny.

According to investigators, this was done “in contradiction to the law’s purpose,” and aimed to launder criminal proceeds.

Turkey has implemented several iterations of what is known domestically as the “Asset Peace” laws over the past decade.

Laws introduced in 2016, 2018, 2020, and 2022 allowed individuals and companies to bring funds into the country from abroad with minimal scrutiny and tax rates ranging from 0% to 2%. The most recent Asset Peace scheme expired in March 2023.

The opposition has sharply criticized these laws, arguing that they served as a government policy to allow illicit funds into the country in order to ease foreign currency shortages.

During the years these laws were in effect, Turkey was added to the Financial Action Task Force (FATF) grey list in October 2021. The list includes countries with strategic deficiencies in countering money laundering and the financing of terrorism.

Following the May 2023 elections, Turkey shifted toward a more “orthodox” economic policy and took various steps to exit the grey list. In Jun 2024, the country was removed from the FATF grey list.

The financial police findings also suggested that the alleged criminal organization expanded its commercial reach using illicit income, acquiring companies and shares in sectors such as media, education, finance, and energy. Authorities said the aim was to “strengthen economic power and gain public legitimacy.”

The prosecutor’s statement concluded that the group not only laundered illegal earnings but also tried to gain “artificial economic influence and reputation.”

The media outlets affected by the trustee appointment had changed ownership several times over the years. Habertürk, Show TV, and Bloomberg HT were most recently transferred to Can Holding in Dec 2024 by Ciner Holding owned by Turgay Ciner.

The Savings Deposit Insurance Fund (TMSF) issued a statement regarding the appointment of a trustee to Can Holding. The TMSF statement included the following:

"As part of an investigation conducted by the Istanbul Küçükçekmece Chief Public Prosecutor's Office, the Savings Deposit Insurance Fund (TMSF) has been appointed as a trustee to 121 companies affiliated with Can Holding by court order.

During this period, the TMSF's primary objective is to protect the rights of company employees and third parties and to ensure the smooth operation of all operations. Meetings have been held with company executives to this end.

All companies under our responsibility will be managed with a "prudent merchant" approach, as required by legislation, and an environment of stability and trust will be maintained.

Furthermore, educational institutions operating within the group will be managed with a sense of public responsibility. Educational activities will continue without interruption, and the education of our students will be carried out safely with the contribution of our teachers and the support of our parents."