Seizure of Can Holding Sparks Major Investigation

Turkish authorities ordered the seizure of Can Holding's companies amid investigations into money laundering, tax evasion, and organized crime. Major media outlets, schools, and shares in Tekfen Holding are involved. The investigation uncovered illegal financial activities, leading to asset seizures and detention orders for suspects.

The Turkish prosecutor's office has launched a significant investigation, targeting Can Holding due to allegations of money laundering, tax evasion, and organized crime. This move involves some of Turkey's most influential media outlets like Haberturk, Show TV, and Bloomberg HT, alongside prestigious institutions such as Istanbul Bilgi University and Doga Koleji.

Adding further complexity, Can Holding's association with Tekfen Holding has come under scrutiny, causing a notable drop in the latter's share value. Efforts to reach Can Holding for comments have so far been unsuccessful, raising questions about the repercussions for the involved entities.

Authorities, including Turkey's financial crimes unit, revealed that Can Holding was allegedly creating illegal financial streams through document forgery and evasion of tax laws. As a result, Turkey's Savings Deposit Insurance Fund (TMSF) has stepped in, and asset seizures have been executed across 121 companies, with detention orders issued for ten individuals.

(With inputs from agencies.)