Assets of Major Can Holding Seized in Turkey, Including Its Media Resources

The major holding company Can Holding is under investigation in Turkey, and its assets, including the major TV channels Haberturk, Show TV, and Bloomberg HT, have been seized.

The Turkish prosecutor's office announced on Thursday that it had ordered the seizure of Can Holding companies as part of an investigation into money laundering, tax evasion, and organized crime, Reuters reports.

No representatives from Can Holding have commented on the investigation.

In total, Can Holding owns 121 companies, including a share in the major construction group Tekfen Holding.

In a statement provided to the stock exchange, Tekfen Holding reported that companies associated with Can Holding own a total of 17.56% of Tekfen's shares. The statement also said that no legal action has been taken against these shares or the Tekfen entity.

The Küçükçekmece District Prosecutor's Office in Istanbul stated that Can Holding and its owners used their companies "for illegal money transfers and document forgery." The statement also said that Can Holding owners Mehmet Şakir Can and Kemal Can had created an "organized crime group."

Reuters attempted to contact Mehmet Şakir Can and Kemal Can through Can Holding, but they were unavailable for comment.

The prosecutor's office statement said that Turkey's financial crimes investigation unit had checked Can Holding's documents and accounts and found that the company was illegally obtaining funds, evading taxes, and financing operations with illegal means.

"As part of the operation, the assets of 121 companies were seized, the TMSF (Turkish Savings Deposit Insurance Fund) was appointed as a trustee, and arrest warrants were issued for 10 suspects," according to a statement from the TMSF itself.

The fund stated that its priority during this period is to protect the rights of employees and third parties, and to ensure the uninterrupted operation of the business. The company said that all companies under its management would operate in accordance with legal requirements.

The Turkish opposition publication Sözcü noted that "while major operations in Istanbul are usually carried out by the Istanbul Chief Public Prosecutor's Office, this time the investigation was led by the Küçükçekmece Chief Public Prosecutor's Office."

Another notable detail was that the gendarmerie participated in the operation instead of the police, the publication notes.

Interestingly, journalists from the TV channel TYT Türk, owned by former MHP (Nationalist Action Party) deputy Arzu Erdem, were already in front of the Can Holding building at 6:30 AM when company officials were notified of the gendarmerie's decision to carry out the operation.

The first Can Holding company was founded back in 1972 by Zamanhan Can.

In 1993, this company became a holding with a large number of gas stations in Turkey. Subsequently, the holding also began to engage in international trade of oil and its refined products.

In early 2022, the holding acquired Doğa Koleji, one of Turkey's leading educational institutions with over 100 campuses and nearly 60,000 students. The holding also owns Istanbul Bilgi University.

As of 2023, the holding increased its production capacity in the fields of home appliances, televisions, small household appliances, air conditioners, and refrigeration devices.

The holding has recently been managed by Kemal Can, the son of Zamanhan Can.

Other members of the Can family are also involved in the management of the holding.

In 2024, the holding entered the media sector by purchasing all media companies managed by Ciner Holding for $800 million, including Show TV, Show Türk, Show Max, Haberturk.com, Habertürk Radio, Habertürk TV, Bloomberg HT, and others.