SHOCKER: Arrest Warrant Issued for Turgay Ciner as Can Holding Probe Widens

Istanbul prosecutors deepen investigation into Can Holding, as attention turns to Ciner’s vast soda ash empire and other global ventures

Istanbul’s criminal investigation into Can Holding took a dramatic turn this week, with Chairman Kemal Can referred to a magistrate court for arrest on charges of money laundering, organized crime, and aggravated fraud. The probe is also circling around prominent Turkish tycoon Turgay Ciner, with authorities issuing an arrest warrant against him in connection with the same case.

The Istanbul Chief Prosecutor’s Office is pursuing multiple allegations, including the establishment of a criminal organization, membership in that structure, and concealing assets derived from illicit activities.

Kemal Can, who was detained earlier in September, has been formally charged with “forming and managing a criminal organization” and “disguising the illicit origin of assets.” His case has now been moved to the Istanbul Criminal Court of Peace, where prosecutors are seeking pre-trial detention.

Spotlight on Ciner’s Corporate Empire

The widening probe inevitably draws attention to Turgay Ciner, one of Turkey’s most powerful businessmen, whose holdings span energy, media, glass, and mining. Ciner is best known internationally for his commanding presence in the global soda ash market, where his group has become a top producer.

Through subsidiaries Eti Soda and Kazan Soda Elektrik, Ciner controls production of over 4.5 million tons of soda ash annually in Turkey, extracted from rich trona deposits in Ankara.

• Eti Soda A.Ş. produces about 1.95 million tonnes per year, with Ciner holding a majority stake (74%), and state-owned Eti Maden retaining 26%.

• Kazan Soda Elektrik, inaugurated in 2018, adds another 2.5 million tonnes of annual capacity, making it one of Europe’s largest soda ash facilities.

Ciner also ventured into the United States with Ciner Wyoming LLC, one of the largest natural soda ash producers globally. In 2021, Turkish glassmaker Şişecam bought 60% of Ciner’s U.S. soda business in a deal worth USD 450 million, followed by a 2024 offer to acquire the remainder for USD 285 million.

Combined, these ventures have positioned Ciner as a dominant force in global soda ash — a key industrial chemical used in glass, detergents, and numerous manufacturing processes.

Questions Over Money Flows

Prosecutors are investigating whether proceeds from Ciner’s global businesses — particularly high-value soda ash exports — were diverted through Can Holding’s financial structures to conceal illicit funds. While no official figure has been confirmed, Turkish media reports suggest that hundreds of millions of dollars may have been funneled through opaque transactions and offshore accounts.

The allegations, if proven, could expose systemic weaknesses in Turkey’s anti-money laundering regime and place pressure on Ankara’s international financial commitments.

Wider Business Interests

Beyond soda ash, Ciner’s empire spans:

• Media: ownership of newspapers, TV channels, and digital outlets (including Habertürk).

• Energy & Mining: coal-fired power plants, lignite operations, and exploration licenses.

• Glass & Chemicals: integrated facilities tied to soda ash production.

The group has been a major employer and foreign exchange earner for Turkey, exporting natural soda ash to Europe, Asia, and North America.

Legal and Market Fallout

If the court ultimately finds Ciner and Can Holding guilty of money laundering and organized crime, penalties could be severe:

• Heavy Fines: potentially reaching billions of lira in asset forfeitures and financial penalties.

• Asset Seizures: both domestic and international holdings could be frozen or liquidated.

• Market Shock: given Ciner’s dominance in soda ash exports, disruption could ripple through global supply chains, affecting glass and chemical industries worldwide.

• Reputational Damage: Turkey’s standing with foreign investors could take a hit, complicating access to international capital markets.

Next Steps

The Istanbul court is expected to decide on Kemal Can’s detention within days, while proceedings against Turgay Ciner remain fluid. International cooperation may be sought if Ciner is confirmed to be outside Turkey.

With one of Turkey’s most influential corporate figures now under legal scrutiny, the case could reshape both the country’s business elite landscape and its global reputation in industrial exports.