Turkish prosecutors on Tuesday ordered the return of 33 companies seized from Can Holding a year ago in a fraud and money laundering investigation, ending state management of those businesses while the group’s broadcasters and schools remain under state control.
The İstanbul Chief Public Prosecutor’s Office lifted the measures on 33 of about 140 companies caught up in the investigation. The order ends the appointments of managers installed at those companies by Turkey’s Savings Deposit Insurance Fund (TMSF), the state body that runs businesses seized during criminal investigations.
The returned businesses include a holding company and firms in fuel, energy, logistics, technology, tourism, tobacco and real estate. Habertürk TV, Show TV, İstanbul Bilgi University and the Doğa College school network are not among them, according to a comparison of the original seizure list and the new return order. The fate of those businesses and Kasımpaşa Sports Club under the remaining measures is unclear.
The decision partly reverses a September 11, 2025, operation in which prosecutors seized 121 Can Holding companies and put them under TMSF management. The investigation later spread to other companies linked to Can Holding and the Ciner Group.
Prosecutors launched the case after receiving reports from Turkey’s Financial Crimes Investigation Board (MASAK) and financial inspectors. They alleged that money of unknown origin entered Can Holding companies, moved among them to conceal its source and was tied to transactions involving false documents and unbilled sales. Executives were investigated on allegations of fraud, money laundering and forming a criminal organization.
Can Holding had acquired Habertürk TV, Show TV, Bloomberg HT and other media assets from businessman Turgay Ciner’s group in late 2024. Prosecutors later alleged that financial ties between the two groups raised suspicions of money laundering in the sale. Ciner himself became the subject of an arrest warrant, which was withdrawn in February. State management of his Park Holding companies was also eased to a supervisory arrangement.
Several people caught up in the Can Holding case have since been released from pretrial detention. Former Can Holding chairman Kemal Can and former Can Yayın Holding chairman Kenan Tekdağ were released under judicial supervision. Former İstanbul Bilgi University rector Remzi Sanver was freed in June after eight months in jail pending trial.
