SHOCK CLAIM: Mehmet Şimşek Ordered Can Holding Raid

According to Ankara political sources cited by Cumhuriyet columnist Mustafa Balbay, Turkey’s Finance Minister Mehmet Şimşek played a decisive role in the September 11 operation against Can Holding. Balbay claims Şimşek pushed for the crackdown after U.S. anti–money laundering and anti–smuggling units warned Turkey that a “multi-billion-dollar international cycle” risked placing the country back on the Financial Action Task Force (FATF) grey list.

Balbay’s Allegations: U.S. Pressure, Şimşek’s Persistence

Balbay wrote that Şimşek personally insisted on moving forward with the operation, even though “some segments within the government looked coldly at the move.” According to him, the main trigger was direct warnings from American authorities concerned about cross-border laundering and smuggling flows.

He argued that the case shows both the visible side of Can Holding’s expansion into media and education, and the hidden side involving allegations of financial crime — which in his view sheds light on the broader state of Turkey’s economy.

Operation Focus: Media Front, Financial Crime Core

While the media and education acquisitions of Can Holding have dominated headlines, Balbay stressed that the real target of the investigation is suspected money laundering and financial misconduct. He also noted that the operation was preceded by lengthy regulatory approvals — including procedures at the Competition Authority — suggesting the timing was deliberate.

Why the Grey List Warning Matters

Turkey has twice faced FATF scrutiny:

• 2011–2013 and 2021–2024, when deficiencies in combating money laundering and terror financing placed the country under international watch.

Re-entry into the grey list would severely damage financial credibility, cause problems in international banking relations, and impose higher costs on global transactions. Balbay suggested that this looming threat was a major reason Şimşek “pressed the button” despite internal resistance.

Can Holding: From Border Trade to Multi-Sector Giant

Can Holding began as a border trade/free-shop business, later expanding into a wide array of industries including energy, media, education, and manufacturing. In recent years, its high-profile acquisitions attracted public attention:

• Bilgi University (2019)

• Doğa College (2022, with debt restructuring claims)

• Ciner Media Group (2024)

• Tekfen Holding stake purchase (2025)

These transactions — and the rapid rise of the group — are now viewed in connection with the allegations at the heart of the investigation.

Bigger Picture

If Balbay’s account is accurate, the Can Holding raid is not simply a corporate investigation but also a geopolitical and financial safeguard measure aimed at protecting Turkey from renewed grey list penalties.

Şimşek, who has championed tighter fiscal discipline and improved credibility with international markets, appears determined to show that Ankara will not tolerate large-scale laundering networks that could undermine the government’s economic program.

The outcome of the case, however, will test not only Can Holding’s resilience but also Turkey’s commitment to global financial compliance standards at a politically sensitive time.