TV channels seized as Turkish conglomerate hit by money laundering probe

ISTANBUL

Prosecutors on Sept. 11 seized control of a 121-company Turkish conglomerate, which includes three major television stations, ordering the detention of 10 of its executives on money laundering charges.

The probe targeted management at Can Holding, which is known for its energy and education assets, and which last year acquired several prominent TV channels, including Habertürk, Show TV and Bloomberg HT, which is an affiliate of Bloomberg News and the main Turkish-language channel focused on business and the economy.

An organization was established to commit crimes through companies operating under Can Holding, including fraud, tax evasion and money laundering,” said prosecutors in the Küçükçekmece district of Istanbul.

“Large amounts of money of unknown origin were entered via companies operating under Can Holding,” which were transferred between companies to conceal the origin, the statement said.

Forged documents were also allegedly used to reduce tax liability.

Prosecutors added that some of Can Holding’s activities were “directly financed with criminal revenues.”

According to media reports, some 254 million Turkish Liras in criminal proceeds were laundered between 2020 and 2021, while 88 billion liras of funds with no clear origin flowed into the company’s accounts.

They placed the assets of its 121 companies under the charge of a third party, the Savings Deposit Insurance Fund of Türkiye (TMSF).

The group includes companies across a wide range of sectors such as media, education, energy, hotels, health, construction and logistics.

Among the firms are Bilgi University and Doğa Schools, as well as Energy gas stations, the technology company Awox, Mediza Hospital and Golden Hill Hotels.

The detention orders targeted the holding’s three top executives, Mehmet Şakir Can, Kemal Can and Kenan Tekdağ.

Tekdağ is head of Ciner Media Group, which was acquired by the conglomerate in December, with Can Holding saying he would be responsible for all of its media holdings.

A similar operation was carried out in March against Flash TV, over allegations of laundering illicit betting revenues. That sweep also targeted PozitifBank and the Payfix digital payment service.