Analysis
Smart, independent reporting on Turkey's politics, economy and foreign affairs.
The central bank and other regulator bodies stepped in to stabilize financial markets after alleged market manipulation, fraud and fund mismanagement sparked a major equity sell-off and corporate defaults.
Turkey is shaken by the misdoings of an Anatolian rock singer Haluk Levent, who once topped the list of Turkey's 'most trusted celebrities' due to his leadership of the respected charity organization Ahbap.
The money laundering investigation into Can Holding has now expanded to the Ciner Group. The probe, which includes charges of fraud, money laundering, smuggling, and forming a criminal organization, now focuses on the $350 million sale of media outlets — including Habertürk, Show TV, and Bloomberg HT — from the Ciner Group to Can Holding. According to Sabah daily, the funds were allegedly transported in suitcases and deposited in banks as cash. Turgay Ciner, once among Turkey’s top taxpayers and currently residing abroad, is now the subject of an arrest warrant.
After the seizure of Can Holding Media Group, one of Turkey’s largest conventional media conglomerates, Kenan Tekdağ, chair of the Board of Directors, was detained in hospital, then placed under house arrest and banned from leaving the country.
Authorities seized Habertürk, Show TV and Bloomberg HT, along with 121 other companies tied to Can Holding, after the Küçükçekmece Chief Prosecutor’s Office issued arrest warrants for eight people, including owners Mehmet Şakir Can, Kemal Can, and Chairman of the Board Kenan Tekdağ. The suspects face charges of forming a criminal organization, smuggling, fraud, and money laundering.
ASSAN, one of Turkey’s top private-sector ammunition producers and an exporter to more than 60 countries, is under scrutiny following allegations of illegal staffing, supply delays, fraud, and improper transfer of state-developed defense technologies, according to Cumhuriyet daily.
As Turkey reels from a major diploma fraud scandal, the main opposition CHP has turned its attention to Foreign Minister Hakan Fidan, questioning the validity of his academic credentials.
With checks and balances eroded and power increasingly centralized, Turkey is facing what may be one of the biggest digital scandals in its history. The online signatures of high-level bureaucrats have been compromised, allowing a criminal network to appoint public servants via the e-State (e-Devlet) system, issue fake diplomas and licenses, forge English proficiency test results and sell properties— raising serious concerns about fraudulent graduates.