ISTANBUL — Turkish prosecutors have issued an arrest warrant for Turgay Ciner, a prominent businessman and media mogul, as part of a sweeping money laundering investigation. The court has also ordered the seizure of his conglomerate Park Holding and its subsidiaries, placing them under the control of Turkey’s Savings Deposit Insurance Fund (TMSF).
The İstanbul Chief Public Prosecutor’s Office confirmed that 12 executives from Ciner-affiliated companies were detained following allegations related to the acquisition of several media outlets — including Habertürk TV and Show TV — by Can Holding in 2024.
Authorities claim the transactions were used to launder illicit funds. As a result, companies including AFC Import Export Tourism, Zeyfa Import Export, and Silopi Electric Production Inc. have also been placed under state control.
Ciner, 69, has built a vast business empire across media, energy, mining, and chemicals since founding Park Holding in 1978. Once listed as a billionaire by Forbes, he currently resides in London, where his firms, WE Soda and Ciner Glass, manage major international investments. In 2025, his net worth was estimated at $950 million.
The media assets involved were sold to Can Holding in December 2024, which Ciner Group described at the time as a strategic withdrawal from the sector. Prosecutors now allege these transfers masked money laundering activities.
The investigation into Can Holding, which began earlier in September, has already led to the seizure of 121 companies and several educational institutions. Can Holding Chairman Kenan Tekdağ is under house arrest, while other senior executives face criminal charges or remain fugitives.
Critics argue the government is using such crackdowns to consolidate power and silence opposition voices. Since the 2016 failed coup, hundreds of Turkish businesses have been seized under similar circumstances.
Turgay Ciner has not yet been apprehended. His arrest warrant remains active as authorities continue to expand the probe into one of Turkey’s most high-profile financial investigations.
