Turkish Media Tycoon Turgay Ciner Faces Arrest in Money Laundering Probe
Turkish prosecutors are investigating a suspected consumer fraud case involving the acquisition of several media outlets by Can Holding in 2024. The probe has led to an arrest warrant for prominent businessman and former media boss Turgay Ciner.
Ciner, who built his diversified conglomerate Park Holding from scratch in 1978, was a major player in Turkey's media landscape from the late 1990s until his strategic exit in December 2024. He transferred his media holdings, including Habertürk, Show TV, and Bloomberg HT, to Can Holding. Forbes listed Ciner as the world's 2,263rd richest individual in 2021 with an estimated fortune of $1.3 billion.
The investigation has resulted in detention warrants for 12 managers at companies affiliated with the Ciner Group. A court has also placed Park Holding and its subsidiaries under the control of a state-run fund due to the consumer fraud probe. Kenan Tekdağ, the current chairman of Can Holding, which was taken under state control in 2021, is not believed to be directly involved in the investigation.
Turgay Ciner, one of Turkey's most prominent businessmen with interests in energy, mining, chemicals, and media, faces an arrest warrant following a consumer fraud investigation. The probe has led to the detention of several managers and the seizure of Ciner Group's assets. As the investigation continues, it remains to be seen what impact this will have on Ciner's business empire and Turkey's media landscape.
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