Trustee Control Takeover Proposed: News Report
In a significant development, an ongoing investigation has claimed that Can Yayin Holding, a prominent Turkish conglomerate, has been used to conduct multi-faceted criminal activities. The alleged activities include tax evasion and laundering unidentified income through company accounts.
The investigation, which has been ongoing for some time, has led to the issuance of arrest warrants for ten suspects, including Kenan Tekdag, the Board Chairman of Can Yayin Holding. Tekdag has been placed under house arrest with a travel ban.
Previously, companies such as Haberturk Gazetecilik, Ciner Medya TV Hizmetleri, Show Televizyon Yayincilik, Bogazici Radyo Televizyon Yayinciligi ve Reklamcilik, and HT Spor Televizyon Yayincilik have been affected by the investigation.
Two public prosecutors have been assigned to the case, and the Kucukcekmece Chief Public Prosecutor's Office transferred the case file to the Istanbul Chief Public Prosecutor's Office due to jurisdictional issues.
Prosecutors allege that Can Holding executives face charges of establishing and managing an organization for criminal purposes, membership in a criminal organization, laundering assets obtained from crime, and aggravated fraud.
Authorities allege that the criminal organization, allegedly led by Kemal Can and Mehmet Sakir Can, established numerous companies in similar business sectors to complicate oversight and tracking mechanisms.
Nine companies have been placed under trusteeship as part of the investigation. These include Turktab Marketing Sigara ve Tutunculuk A.S., ZA Lojistik ve Arac Kiralama Hizmetleri Ticaret A.S., Canpet Benzin Istasyon Isletmeciligi A.S., Tares Tek. Urunleri Ic ve Dis Tic. Ltd Sti, Furkon Teknik Hirdavat Sanayi ve Dis Ticaret Ltd Sti, Temiz Petrol ve Gayrimenkul Ticaret A.S., MCN Petrol A.S., Yon Ozel Egitim Basim Yayin San. Tic. A.S., and Mer Yatirim ve Ozel Egitim Hiz. A.S.
These companies are alleged to have been used to launder proceeds from illegal activities as part of the criminal organization.
Turkish media reports suggest that the entire Can Holding structure may eventually be placed under trusteeship as prosecutors identify additional affiliated companies. The group is reported to have redistributed responsibilities among organization members through changes in management boards to avoid legal sanctions.
Company acquisitions, share transfers, and investment activities in strategic sectors, including education, media, finance, and energy, were allegedly financed with criminal proceeds. In earlier operations, authorities seized assets of 121 companies and appointed the Savings Deposit Insurance Fund (SDIF) as trustee.
Prosecutors claim that debts listed as sources of cash capital increases in some companies with no commercial activity were fictitious. These transactions were used to introduce and launder proceeds from crime into the system.
The Istanbul Chief Public Prosecutor's Office has appointed trustees to nine more companies linked to Can Holding. The Savings Deposit Insurance Fund (SDIF) will oversee the newly identified companies.
The investigation suggests that the alleged criminal organization expanded its commercial volume through illegal income from aggravated fraud, smuggling, and violations of the Tax Procedure Law. MASAK reports indicate that the organization has also been involved in financial activities, including digital banking and fintech.
The prosecutor's office announced that the investigation will continue in coordination with TMSF, MASAK, the Istanbul Police Department, and the Istanbul Gendarmerie Command. These fictitious debts were allegedly used to reinvest funds in companies under Law No. 7256, known as the "Asset Peace Law."
Five other suspects were arrested on charges of "membership in a criminal organization" and "money laundering." All management decisions for the newly identified companies require trustee approval. The investigation into Can Holding has also revealed additional active companies within the holding structure with significant assets.
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