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A money laundering scandal has engulfed two conglomerates in Türkiye, Can Holding and Ciner Group, after prosecutors alleged that $350 million in cash was hand-delivered to banks in bags as part of a disputed media transaction involving the renowned networks Show TV, Haberturk, Bloomberg HT, and HT Spor.
The probe, led by the Istanbul Chief Public Prosecutor’s Office, is investigating whether unregistered funds were used in the December 2024 sale of Ciner-owned media outlets to Can Holding. The deal, later valued by local media at about $800 million, was approved by Türkiye’s Competition Authority but is now at the center of one of the country’s largest financial crime inquiries.
The investigation began in early September with raids on Can Holding. Kemal Can, the group’s chairman, was detained alongside senior executives, while Mehmet Kenan Tekdag, chairman of Ciner Media Holding and a long-time media figure, was placed under house arrest. Another co-owner, Mehmet Sakir Can, remains a fugitive and is currently being sought by authorities.
As part of the first stage of the operation, authorities seized control of 121 companies belonging to Can Holding. This later expanded to a total of 134 entities placed under trusteeship, covering businesses across media, construction, and education. The seizures included the media outlets involved in the deal, as well as Istanbul Bilgi University, where Can Holding has been the majority stakeholder since 2019.
Prosecutors allege that the funds used in the disputed media transaction entered the banking system in an unusual way. Case files indicate that $350 million of the $575 million agreed payment was routed through Can Holding’s subsidiary Dogal Yasam Insaat and transferred to Ciner accounts. Investigators say the money was brought to banks in bags filled with cash and deposited by unidentified individuals, raising suspicions about the source of the funds.
By late September, prosecutors extended the probe to Ciner Group over its alleged role in the illicit operations. Arrest warrants were issued for 12 executives, including Atilla Ciner, son of founder Turgay Ciner, who was himself declared a fugitive while abroad.
Authorities also placed Ciner subsidiaries under trusteeship, including the group’s main company Park Holding, the Silopi Power Plant in Sirnak, and Park Elektrik, a publicly traded company on Borsa Istanbul. The public prosecutor’s office said there was strong suspicion that proceeds of crime were laundered during the transfer of media assets from Ciner to Can Holding.
During testimony, Kemal Can reportedly told investigators that Mehmet Kenan Tekdag pressured him to acquire the media outlets, claiming Tekdag had organized the entire process. Pro-government news outlet Sabah quoted Can as saying he felt compelled to proceed with the purchase of Haberturk and Show TV, an assertion now under examination by prosecutors as they seek to determine whether the sale was conducted under external influence or coercion.
Tekdag, for his part, told prosecutors that the sale was carried out legally through Park Holding, which owned the shares of Ciner Media Holding, and that he oversaw the process as the seller’s chief legal counsel. He confirmed that the transaction was valued at $575 million, with $300 million plus $50 million paid upfront and the remainder scheduled in installments through 2026. Tekdag said he was unaware of the origin of the funds, stressing that all documents had been submitted to the Competition Authority and that he personally saw the payment receipts.
He added that he held no shares or managerial roles in Can Holding, had limited interaction with its offices, and planned to return to Park Holding in 2026.
Authorities have requested detailed financial reports from the Banking Regulation and Supervision Agency (BDDK) and the Financial Crimes Investigation Board (MASAK) to trace the origin of the funds. Prosecutors are also seeking to clarify whether the alleged bulk cash deposits were part of a broader scheme involving organized money collection and whether international money transfers were used to move the funds across borders.
The case has also drawn scrutiny to Türkiye’s stock exchange, as Turkish media reported abnormal trading patterns in Park Elektrik, a Ciner-controlled mining and energy company, in the days leading up to the raids.
Columnist Dilek Gungor stressed that on September 28, trading volumes surged nearly thirtyfold compared with historical averages, raising concerns that some investors may have had advance knowledge of the prosecutor’s operation.
Park Elektrik’s shares opened at ₺26.46, briefly climbed to ₺29.10 during the day, but then closed at ₺25.32, marking a 4.3% daily decline after sharp intraday swings of nearly 10% up and 13% down. This compared with an average daily trading volume of about 600,000 shares in the previous month, whereas on that Friday, more than 16.7 million shares changed hands. One major international bank was reported to have accounted for around 20% of the trading volume.
"Someone must have learned about the operation in advance, sold high and then bought back cheaply," she argued, urging Türkiye’s Capital Markets Board (SPK) to investigate possible insider trading and to clarify whether individuals acted on privileged information.
After the raids, Ciner Group’s London-based subsidiary WE Soda issued a statement on Monday distancing itself from the investigation. The company consolidates the group’s soda ash operations worldwide, which include a 76% stake in Eti Soda and full ownership of Kazan Soda in Türkiye, as well as the recently acquired U.S.-based Genesis Alkali.
Ciner also controls a shipping division through its subsidiary Ciner Shipping, operating a fleet of 25 bulk carriers registered in Malta and Panama. Earlier this year, the fleet was relocated from Istanbul to Greece, a move the group described as offering “strategic advantages” for its international operations. The company said these activities remain unaffected by the ongoing inquiry.
The conglomerate’s energy portfolio has historically included coal-fired power plants such as Silopi Elektrik and Park Termik, alongside efforts in renewable energy projects in recent years. With trustees now appointed to some of its subsidiaries, questions remain over how the investigation could affect both its domestic energy operations and its global expansion strategy.
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