Turkey seizes assets of the "Can Holding" group and arrests 10 of its managers on charges of money laundering and fraud

The Turkish public prosecutor issued a decision on Thursday to seize the assets of the companies affiliated with the Can Holding group, which owns several of the country's leading media and educational institutions, as part of a wide-ranging investigation into money laundering, tax evasion, and the formation of an organized crime network.

According to a statement from the public prosecutor's office in the Küçükçekmece district of Istanbul, the group's owners, Mohammed Shakir Can and Kemal Can, used their companies to illegally transfer money and forge documents, leading to orders to seize the assets of 121 companies and appoint the Savings Deposit Insurance Fund in Turkey as a trustee over them, alongside the arrest and detention of 10 suspects.

The seized companies include prominent media institutions such as:
- Kanal Haber Turk
- Kanal Show TV
- Kanal Bloomberg HT

The group also owns educational franchises that include:
- Istanbul Bilgi University
- Doğa College private school chain

The decision affected the financial market, as shares of Tekfen Holding dropped by 8.3% in early Istanbul trading, after it was revealed that entities linked to Can Holding owned a 17.56% stake in the company, although no legal action has been taken against those shares so far.

The Savings Deposit Insurance Fund confirmed that its priorities during this phase are to protect the rights of employees and third parties, and to ensure business continuity, emphasizing that all seized companies will be managed in accordance with legal requirements.