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Turkish prosecutors on Thursday seized control of Can Holding, a 121-company conglomerate that includes three major television stations and Istanbul Bilgi University, as part of a sweeping fraud investigation. Arrest warrants were issued for 10 executives, with five taken into custody so far, officials said.
Can Holding, known for its energy and education assets, acquired Haberturk, Show TV, and Bloomberg HT, an affiliate of Bloomberg News, last year. Other firms linked to the conglomerate, including Doga College and Istanbul Bilgi University, were also seized and transferred to Türkiye’s Savings Deposit Insurance Fund (TMSF).
The Council of Higher Education (YOK) said Bilgi University would continue operating normally for now. “There is no cause for concern for our teaching staff, administrative personnel, and students. Educational activities at our university will continue uninterrupted,” YOK said in a statement.
Istanbul Bilgi University also issued its own statement, assuring that its education and teaching processes were continuing without disruption.
The university’s future ultimately depends on YOK. If it decides to suspend the school’s operations, students and staff would be transferred to Mimar Sinan University of Fine Arts, which was designated as Bilgi’s guarantor in 2021.
According to Turkish outlet T24, the university rectorate confirmed that Mimar Sinan University would assume responsibility if suspension occurs. Guarantor universities ensure that foundation universities comply with academic, administrative, and financial regulations.
YOK sources told T24 the probe remains in its early stages and any decision would depend on further developments. They cited past examples, including the 2016 case in which Halic University’s license was temporarily suspended and its management was handed to Istanbul University for a year.
YOK President Erol Ozvar also addressed the situation on social media, saying: “As part of the judicial investigation conducted by the Kucukcekmece Chief Public Prosecutor’s Office into Can Holding, Istanbul Bilgi University, along with companies belonging to the holding, has been included in the process.
"There is no cause for concern for our faculty members, administrative staff, or students. Educational activities at our university will continue uninterrupted," Ozvar added.
The investigation targets Can Holding on allegations of forming a criminal organization, tax evasion, fraud, and money laundering. Authorities allege large sums of money of unknown origin were funneled through the group’s companies to conceal illicit activity and reduce tax liabilities.
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