Turkish authorities have seized control of Can Holding, a major Istanbul-based conglomerate, following allegations of fraud, money laundering, and tax evasion. Prosecutors issued 10 arrest warrants targeting senior executives, including Mehmet Sakir Can, Kemal Can, and Kenan Tekdag, whose homes and assets were also raided and frozen.
The move follows an investigation by Türkiye’s Financial Crimes Investigation Board, which uncovered evidence of large, untraceable financial transfers between Can Holding subsidiaries, allegedly designed to obscure origins and evade tax obligations through forged documents and unrecorded transactions.
Management of the conglomerate has been transferred to the Savings Deposit Insurance Fund of Türkiye, which pledged to maintain business continuity and safeguard employee rights.
Can Holding controls 121 companies across media, construction, and education, including Haberturk, Show TV, Bloomberg HT, Tefken Holding, and Istanbul Bilgi University.
While anti-corruption advocates welcomed the crackdown, media watchdogs expressed concern over growing government influence in the press, with state-linked entities now estimated to control 90% of Türkiye’s media landscape. The country continues to rank high on global financial crime indices, prompting intensified enforcement efforts.
Excerpts from jurist.org article by James Brierley | U. Ottawa Faculty of Law, CA
For illustration purposes only: Residential Buildings in Kusadasi, Turkey Picture by Roy Egloff
