Turkish TMSF Seizes Can Holding

Turkish Fund TMSF Seizes Major Conglomerate Can Holding, Including Opposition Media Outlets

ISTANBUL â€“ In a significant move with major political and economic ramifications, Turkey’s Savings Deposit Insurance Fund (TMSF) has seized control of Can Holding, a vast conglomerate with interests spanning media, energy, technology, education, and healthcare.

According to the court decision justifying the seizure, the grounds for the state’s intervention were severe financial crimes. The ruling cited money laundering, establishing a criminal organization for profit, and tax evasion as the primary reasons for placing Can Holding under the trusteeship of the TMSF. This legal framework indicates that the authorities did not view the company’s operations as mere regulatory failures but as a deliberate and organized criminal enterprise designed to illicitly generate and conceal revenue while defrauding the state. The seizure is therefore presented as a necessary measure to halt these alleged illegal activities, protect public and creditor interests, and allow for a full investigation into the holding’s extensive financial dealings.

The takeover, which occurred on September 11, 2025, places the state fund in control of the holding company’s 121 subsidiaries. The most closely watched aspect of the seizure is the inclusion of several prominent media outlets known for their opposition-leaning coverage, including the national television broadcaster Show TV, the news channel Habertürk, and the Turkish edition of Bloomberg HT.

Can Holding is a major part of the business empire of the Ciner Group, owned by billionaire Turgay Ciner. The TMSF typically intervenes in companies due to serious financial irregularities, outstanding tax debts, or connections to investigations. While the official reason for this specific seizure has not been fully detailed in public announcements, such actions often follow court orders linked to financial crimes or regulatory breaches.

The move has immediately raised concerns about media freedom in Turkey. Critics argue that the government uses financial regulatory bodies like the TMSF to pressure or silence independent media groups. The inclusion of Show TV, Habertürk, and Bloomberg HT under the fund’s control is seen by many analysts as a direct impact on the diversity of the media landscape, as these are among the few major outlets not aligned with the government.

Beyond its media assets, Can Holding’s extensive portfolio includes critical operations in the energy sector, technology ventures, and a significant number of companies in education and health services. The TMSF’s administration of such a large and diverse group of companies will have substantial implications for Turkey’s business environment.

The fund has stated that its primary goal is to “protect the rights of creditors and the public” and to ensure the continuity of the companies’ operations. It has appointed new trustees to manage the holding and its subsidiaries.

All eyes are now on how the TMSF will manage these influential media properties and whether their editorial lines will be affected. The seizure marks a pivotal moment for Turkey’s corporate and media sectors.