On September 11, Turkish authorities seized control of Can Holding, one of the country’s largest media and education conglomerates, citing sweeping allegations of money laundering, tax evasion, and organized crime. The move, which placed 121 of the group’s companies under state trusteeship, marks another dramatic escalation in Turkey’s fraught relationship between media ownership, business elites, and political power.

The Istanbul Chief Public Prosecutor’s Office announced that Can Holding, run by brothers Kemal Can and Mehmet Şakir Can, is accused of orchestrating an elaborate financial scheme that channeled illicit funds into its operations. The conglomerate’s assets include high-profile media outlets such as Haberturk TV, Show TV, and Bloomberg HT, as well as Istanbul Bilgi University and the Doğa Koleji school chain. By placing these firms under the control of Turkey’s Savings Deposit Insurance Fund, the government effectively assumed direct oversight of some of the most influential channels in Turkish media and education.

According to prosecutors, the Can brothers used a sophisticated network of shell companies and financial maneuvers to funnel untraceable money into their businesses. Investigators allege the group fabricated invoices, shuffled funds across subsidiaries, and manipulated capital increases in dormant companies to disguise the inflow of illicit wealth.

Central to the case is the use of Turkey’s “Asset Peace” laws, which allowed individuals and corporations to repatriate money held abroad with minimal oversight. These amnesty-style programs, touted as a way to stabilize Turkey’s economy during times of currency pressure, expired in March 2023. Authorities now claim Can Holding exploited the laws to launder massive amounts of money, which later financed its expansion into multiple sectors, including........

© Blitz