In a significant crackdown on corporate malfeasance, Turkish prosecutors have taken control of Can Holding, a prominent media conglomerate, over allegations of fraud, money laundering, and tax evasion. The operation, conducted on Thursday, also involved the issuance of arrest warrants for 10 of the company's top executives, including family members Mehmet Sakir Can, Kemal Can, and Kenan Tekdag, who are now facing intensive scrutiny.

Authorities conducted raids on the residences of the implicated executives and seized substantial personal assets, encompassing both real estate and financial holdings. In a move to stabilize the conglomerate, the Turkish banking system's Savings Deposit Insurance Fund of Türkiye has been appointed to oversee the company's operations. This body reassured that it would maintain business continuity and safeguard employee rights throughout the investigation process.

The charges were precipitated by a damning report from Türkiye’s Financial Crimes Investigation Board, which was followed by a thorough police probe. The report exposed intricate financial maneuvers within Can Holding, highlighting suspicious transfers of large sums of money through its various subsidiaries. These funds were allegedly shuffled between companies to obscure their origins, while tax obligations were minimized through unrecorded transactions and falsified documents.

The international community, including Erol Onderoglu from Reporters Without Borders, has reacted to these developments with a mix of approval and concern. While the crackdown on corruption has been lauded, there is apprehension about the potential for increased governmental control over the media. This is particularly sensitive in Türkiye, where the state already holds sway over a significant portion of the media landscape.

Can Holding, headquartered in Istanbul, is a sprawling entity with interests across 121 companies. Its portfolio includes major media outlets like Haberturk, Show TV, and Bloomberg HT, in addition to holdings in construction and education sectors through entities such as Tefken Holding and Istanbul Bilgi University.

As Türkiye continues to intensify its fight against financial wrongdoing, with a high score of 8 out of 10 in the global crime index for financial crimes, the seizure of Can Holding marks a robust effort by the government to stem corruption and restore integrity within its corporate and media sectors.