Turkish Media Giant Can Holding Under Scrutiny for Money Laundering

The Turkish prosecutor's office has ordered the seizure of Can Holding's companies amid allegations of money laundering, tax evasion, and organized crime. This affects major media and educational properties, including TV channels and schools. Tekfen Holding's stock experience a drop but faces no judicial action currently.

A Turkish prosecutor's office announced on Thursday the seizure of Can Holding's companies as part of an investigation into alleged money laundering, tax evasion, and organized crime activities.

Can Holding, owner of significant media channels and educational institutions, is accused of illegally moving funds and forging documents. The owners, Mehmet Sakir Can and Kemal Can, were reported to have formed an organized crime group.

The investigation led to the seizure of 121 company assets and the appointment of TMSF as a trustee, with 10 arrest orders issued. Tekfen Holding, partially owned by Can Holding, saw its shares decline but reported no direct legal actions against its interests.

(With inputs from agencies.)