Newsletters
Türkiye's financial regulators on Sunday seized control of Park Holding and its subsidiaries as authorities expand their investigation into alleged money laundering and organized crime activities involving prominent business figures.
The Istanbul 4th Criminal Court of Peace appointed the Savings Deposit Insurance Fund (TMSF) as trustee to Park Holding A.S. and three subsidiary companies on Saturday, following an arrest warrant issued for the conglomerate's owner Turgay Ciner. The affected companies include AFC Ithalat Ihracat Turizm A.S., Zeyfa Ithalat Ihracat A.S., and Silopi Elektrik Uretim A.S.
The trustee appointment was made under provisions of the Criminal Procedure Code and Law No. 7539, published in the Official Gazette on February 4, 2025. Prosecutors cited "strong suspicions" that Ciner's companies were used to facilitate criminal organization activities similar to those alleged against Can Holding chairman Kemal Can, who was arrested Thursday.
Istanbul police conducted coordinated operations at Park Holding facilities Saturday morning, working alongside the Financial Crime Investigation Department. Authorities executed simultaneous arrest, detention, search and seizure operations targeting 10 executives from Park Holding A.S., Silopi Elektrik Uretim A.S., and AFC Ithalat A.S.
The raids were part of efforts to uncover material evidence and apprehend suspects in the ongoing investigation. Prosecutors said the operational work aimed to reveal the truth about alleged criminal activities conducted through Ciner's corporate entities.
The trustee appointment stems from prosecutors' allegations that a December 22, 2024 share purchase agreement between Can Holding and Ciner Group companies was used to launder criminal proceeds. The deal involved nine media outlets under Ciner's control, including television stations, newspapers and production companies.
Authorities allege the media acquisitions were part of a broader criminal organization scheme designed to legitimize illicit funds totaling 88 billion Turkish lira. The investigation spans approximately five years and includes charges of establishing a criminal organization, tax evasion, fraud and money laundering.
Turgay Ciner, who authorities determined is currently outside Türkiye, faces an arrest warrant issued Saturday for his alleged role in the criminal organization. The Ciner Group owner is accused of using his media companies to facilitate money laundering activities in coordination with the Can Holding network.
The case represents one of Türkiye's most significant corporate crime investigations, with 130 companies now under TMSF control as authorities work to trace the alleged flow of illicit funds through legitimate business channels.
1 min read
2 min read
