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Turkish prosecutors appointed trustees to nine more companies linked to Can Holding on Friday, with reports claiming all the companies operating under the holding may go under trustee control as part of an expanding investigation into alleged organized crime, money laundering and fraud, the Istanbul Chief Public Prosecutor's Office announced.
The Savings Deposit Insurance Fund (SDIF) will oversee the newly identified companies, with all management decisions requiring trustee approval, according to a statement from prosecutors.
The Istanbul Chief Public Prosecutor's Office said the investigation revealed additional active companies within the holding structure that possessed "significant amounts of assets" not previously subject to legal measures.
"The investigation found strong suspicions that these actions were carried out within the framework of the companies' activities," the prosecutor's office stated, adding that suspects allegedly acted as part of a criminal organization to launder proceeds from illegal activities.
The nine companies placed under trusteeship are:
Prosecutors allege 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."
The investigation, which began following reports from the Financial Crimes Investigation Board (MASAK) and financial audit units, claims the holding company structure was used to conduct multi-faceted criminal activities, including tax evasion and laundering unidentified income through company accounts.
Authorities allege 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.
The group reportedly redistributed responsibilities among organization members through changes in management boards to avoid legal sanctions.
According to the investigation, companies with no commercial activity showed cash capital increases, with "debts to partners" listed as the source of these increases. Prosecutors claim these debts were fictitious and that amounts shown in partner debt accounts were reinvested in companies under Law No. 7256, known as the "Asset Peace Law."
"These transactions, contrary to the purpose of the law, constitute the introduction and laundering of proceeds from crime into the system," prosecutors stated.
MASAK reports indicate the alleged criminal organization expanded its commercial volume through illegal income from "aggravated fraud," "smuggling" and "violations of the Tax Procedure Law."
Prosecutors claim company acquisitions, share transfers and investment activities in strategic sectors, including education, media, finance and energy, were directly financed with criminal proceeds.
In earlier operations, authorities seized assets of 121 companies and appointed SDIF as trustee. Ten suspects were issued arrest warrants, including Can Yayin Holding Board Chairman Kenan Tekdag, who was placed under house arrest with a travel ban.
Five other suspects—identified only by initials D.C., D.C., M.K., K.C. and C.C.—were arrested on charges of "membership in a criminal organization" and "money laundering."
Previously affected companies include Haberturk Gazetecilik, Ciner Medya TV Hizmetleri, Show Televizyon Yayincilik, Bogazici Radyo Televizyon Yayinciligi ve Reklamcilik, and HT Spor Televizyon Yayincilik.
The prosecutor's office announced the investigation will continue in coordination with TMSF, MASAK, the Istanbul Police Department and the Istanbul Gendarmerie Command. Two public prosecutors have been assigned to the case.
The Kucukcekmece Chief Public Prosecutor's Office transferred the case file to the Istanbul Chief Public Prosecutor's Office due to jurisdictional issues.
Turkish media reports suggest the entire Can Holding structure may eventually be placed under trusteeship as prosecutors identify additional affiliated companies.
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