The Istanbul Prosecutor’s Office, in Turkey, has ordered the seizure of all companies under Can Holding, a conglomerate that owns major media outlets and educational institutions, as part of an ongoing investigation into money laundering, tax evasion, and organized crime.

Can Holding controls prominent television channels, including Haberturk, Show TV, and Bloomberg HT, which it acquired from the Turkish Ciner Group in late 2024. The channels have generally maintained a pro-government stance toward President Erdogan. The conglomerate also owns Istanbul’s Bilgi University and the Doga Koleji private school franchise, according to its official website.

In a statement, the prosecutor’s office accused Can Holding and its owners of using the company to transfer illicit funds and falsify documents. Authorities allege the owners orchestrated an organized crime network.

The Turkish financial crimes unit reportedly inspected Can Holding’s records and accounts, uncovering illegal capital flows, tax evasion, and funding of activities with illicit money.

“The operation involved the seizure of assets belonging to 121 companies, the appointment of the Savings Deposit Insurance Fund (TMSF) as administrator, and the issuance of arrest warrants for ten suspects,” the statement said.

The TMSF emphasized that its priority during the takeover is to protect employees’ and third parties’ rights while ensuring uninterrupted business operations. It added that all companies under its management would continue to operate in full compliance with legal requirements.

Can Holding also holds shares in construction giant Tekfen Holding. Shares in Tekfen fell 8.3% in Istanbul trading following the announcement. In a note to the stock exchange, Tekfen Holding clarified that entities linked to Can Holding hold a 17.56% stake in the company, and that no judicial measures have been taken against these shares or Tekfen itself.