İşbank Rebuts Claims After Arrest of Former Board Member Gökhan Şen

Summary:

The arrest of former İşbank board member Gökhan Şen has sparked a wave of speculation linking Turkey’s largest private bank to recent operations targeting Can Holding and Ciner Group. Journalist İsmail Saymaz suggested ties through Şişecam’s U.S. partnership with Ciner, fueling debate. İşbank strongly denied any connection, calling the allegations baseless and harmful to its reputation, while emphasizing its compliance with banking laws and regulatory oversight.

Gökhan Şen’s Arrest and First Reactions

Gökhan Şen, who served as a member of İşbank’s Board of Directors between 2023 and 2024, was arrested this week, sending shockwaves across financial and media circles.

Journalist İsmail Saymaz claimed on social media that Şen’s past role linked İşbank to Ciner Group:

“Gökhan Şen, 2023-2024 İşbank board member. İşbank subsidiary Şişecam and Ciner Holding have joint ventures in Turkey and the U.S. Atilla Ciner is the son of Turgay Ciner, who is currently wanted by authorities.”

The post stirred debate, prompting İşbank to release a statement rejecting any allegations of wrongdoing.

İşbank’s Strong Denial

İşbank underlined that attempts to connect it or its subsidiaries to ongoing legal operations involving Can Holding or Ciner Group are groundless.

The bank stressed:

• All operations comply fully with Turkish and international regulations, under continuous oversight from the Banking Regulation and Supervision Agency (BDDK) and financial crime watchdog MASAK.

• Claims linking the bank to money laundering or illicit finance “clearly constitute a crime under Turkish law.”

• Baseless speculation damages not only the bank’s reputation but also investor confidence and the wider Turkish economy.

Citing Article 74 of the Banking Law, İşbank reminded that publishing unfounded allegations against banks is explicitly prohibited and punishable by law.

Background: Can Holding and Flash TV Operation

The controversy comes amid a high-profile operation against Can Holding, which has major interests in media and energy. The group’s revival of Flash TV — a once-iconic broadcaster known for its critical editorial line — became a focal point of investigations. Authorities allege irregular financial flows and possible money laundering through media operations.

Ciner Group in the Spotlight

The probe quickly extended to Ciner Holding, one of Turkey’s largest conglomerates with activities spanning energy, mining, chemicals, and media.

• In media, the group controls Habertürk and Bloomberg HT.

• In chemicals, Ciner operates soda ash production in Turkey and the United States.

• In Wyoming, the group runs one of the world’s largest natural soda ash plants.

Ciner’s strategic partnership with Şişecam in the U.S. soda ash sector has long been public. Şişecam, where İşbank is the main shareholder, is one of Turkey’s flagship industrial companies. İşbank emphasized that this is a purely commercial, transparent, and internationally recognized partnership, and unrelated to the legal cases against Can and Ciner executives.

From Normalization to Crisis

İşbank framed itself as a pillar of Turkey’s republican legacy and national capital, warning that speculative allegations erode trust in the financial system.

The statement concluded that all misleading or defamatory reporting will be met with legal action.

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