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Kazanci Holding, one of Türkiye’s largest family-run conglomerates specializing in the energy sector through its Aksa brand, is facing an escalating internal conflict between its founding members, brothers Cemil and Mehmet Kazanci, over a share dispute.
The dispute came into public view on Wednesday, after Mehmet Kazanci released a video claiming that his brother Cemil had unlawfully taken control of the company by acquiring their father, Ali Metin Kazanci’s, shares.
According to Mehmet Kazanci, their father—reportedly suffering from Alzheimer’s disease—was no longer mentally competent when the transfer occurred. He accused his brother of using those shares to gain control of the company and attempting to marginalize him with a token payment.
In the video, Mehmet Kazanci stated that Cemil Kazanci had declared full ownership of the company and dismissed any legal challenge, allegedly saying that even if he went to court, he would not win as the courts could be influenced.
Mehmet Kazanci called on the public and President Recep Tayyip Erdogan to intervene, urging a permanent solution to the dispute. “The public deserves to know,” he said, adding that he no longer felt the need to hide his yearslong internal struggle.
The dispute dates back to 2010, when the group’s largest company, Aksa Energy, went public on Borsa Istanbul. During the process, Vice Chairman Mehmet Kazanci parted ways with the group following a dispute with his father, Ali Metin Kazanci, and his brother, Cemil Kazanci. Although he stepped away, he retained his 5% stake in the holding. At the time, Cemil also held 5%, while their father controlled the remaining 85%.
According to Kazanci Holding’s 2023 annual report, Cemil Kazanci owns 60.28% of the company. Their father, Ali Metin Kazanci, holds 29.01%, while Mehmet Kazanci has a 5.88% stake.
Mehmet Kazanci’s lawyer also released a separate video shot in front of the company headquarters, claiming that although he had been summoned to the site, he was not allowed inside. In another widely circulated clip, police officers are seen entering the premises of Kazanci Holding, though no official comment has been made regarding the incident.
Founded in 1968 with the establishment of Watt Electric Motor Factory, Kazanci Holding initially entered the generator production business in the 1980s. In the following decades, the group diversified into power plant development, electricity generation, natural gas distribution, and electricity sales. It later expanded into agriculture and tourism under the Aksa brand.
Kazanci Holding currently employs more than 17,000 people and operates across 24 countries through its subsidiaries, including Aksa Energy, Aksa Natural Gas, Aksa Electricity, Aksa Power Generator, Aksa Solar, Aksa Agriculture, and Aksa Tourism.
Cemil Kazanci ranks second on the Forbes list of the richest individuals from Türkiye, while his father, Ali Metin Kazanci, holds the 13th position.
Aksa Energy is publicly traded on Borsa Istanbul under the ticker symbol AKSEN, with a market capitalization of approximately $980 million.
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