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London-based WE Soda, owned by Türkiye’s Ciner Group, which is currently facing a money laundering probe, clarified on Monday that its operations remain unaffected by the investigation and rejected all allegations against its parent company.
In a statement on its website, WE Soda emphasized that it is not involved in the investigation, has not been contacted by authorities, and that its operations in Türkiye and worldwide remain unaffected.
WE Soda, the world’s largest soda ash producer with an annual production capacity of 9 million tonnes and $925 million in netback revenue as of 2024-end, consolidates Ciner Holding's soda ash operations, including a 76% stake in Eti Soda and full ownership of Kazan Soda in Türkiye, and the recently acquired U.S.-based Genesis Alkali.
The investigation, which began in early September, targeted Istanbul-based Can Holding and led to the arrest of its chairman, Kemal Can. Authorities seized all Can Holding entities, including television networks Show TV, Haberturk, Bloomberg HT (a joint venture with U.S.-based Bloomberg), and Istanbul Bilgi University, placing them under trusteeship. In total, trustees were appointed to the management of 134 companies within the holding, 121 of them in the first stage.
On Sunday, Turkish authorities announced that the inquiry had been extended to Ciner Holding, with an arrest warrant issued for Turgay Ciner, the sole owner of the conglomerate. The prosecutor's office said that the probe concerns the transfer of media outlets such as Haberturk, Show TV, Bloomberg HT, and HT Spor from Ciner Media Holding to Can Holding, noting strong suspicions and findings of money laundering connected to the transactions.
In December 2024, Can Holding acquired the media outlets from Ciner Holding in a deal that Turkish media reports valued at around $800 million, which was later approved by the Turkish Competition Authority.
As part of the investigation, the public prosecutor’s office reported that trustees were appointed to Park Holding and its subsidiaries, most notably an electricity plant in Silopi, Sirnak.
While 11 company executives were detained, Turgay Ciner was declared a fugitive as he was abroad.
In its statement, WE Soda stressed that it is not involved in the investigation. The company said it had not been contacted by authorities and that its operations in Türkiye and worldwide remain unaffected.
"This statement is made by the management of WE Soda for the purpose of informing its stakeholders. It is not on behalf of its shareholder or any other Ciner group companies," the company said.
WE Soda underlined that the transaction involving Ciner’s media assets was conducted "in full compliance with applicable legal and regulatory standards," adding that Ciner has no ongoing relationship with Can Holding beyond the sale.
Ciner Group was founded in 1978 under the name Park Holding and has since grown into one of Türkiye’s largest private conglomerates. Its portfolio spans industry, mining, energy, glass manufacturing, and logistics.
Alongside its soda ash business, the group has invested in advanced glass production facilities in Belgium and the United States, while also maintaining an energy portfolio that has included coal-fired plants such as Silopi Elektrik and Park Termik, as well as renewable projects.
In logistics, the group controls Hopa Port on Türkiye’s Black Sea coast and operates Ciner Shipping, a modern fleet of 25 bulk carriers transporting soda ash and other commodities worldwide.
The fleet, registered in Malta and Panama, was relocated to Greece in February 2025, ending its operations in Istanbul for what the group described as "strategic advantages."
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