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Ahmet Kirman, a former board chairman at Turkish glassmaker Sisecam (SISE), has received a travel ban after being questioned as part of the Can Holding prosecution, Turkey’s government-run Anadolu Agency reported on October 15.
Kirman was summoned by the Istanbul chief prosecutor’s office as a “suspect”.
Sisecam, controlled by Isbank (ISCTR), has yet to comment on the development. Kirman also serves as an independent board member at industrial conglomerate Koc Holding (KCHOL) and white goods maker Arcelik (ARCLK).
In June 2024, Kirman resigned from his post at Sisecam.
Prosecution launched in September
In September, Turkey’s deposit insurance fund TMSF took over Can Holding.
In 2024, Ciner Holding sold its media group to Can. The accusation is that Can earned money from cigarette smuggling and laundered black cash via the acquisition.
Following the Can Holding operation, the Istanbul chief prosecutor’s office targeted the other side of the transaction. Turgay Ciner, the owner of Ciner Holding, is currently a fugitive while many Ciner Holding companies have been seized.
Sisecam has partnerships with London-based We Soda, a unit of Istanbul-based Ciner Holding (owned by Turgay Ciner), in soda ash investments in the US.
Isbank targeted
Isbank has in the past been targeted by Turkey’s president, Recep Tayyip Erdogan, many times. There was speculation that the government would take over the Ataturk stake in Isbank.
Isbank’s pension fund Munzam Sandik has a 39% stake in the lender, launched in 1924 with capital provided by the founder of the Turkish Republic and also Isbank, Mustafa Kemal Ataturk.
The main opposition Republican People’s Party (CHP) controls 28% of Isbank. The stake was inherited from Ataturk. A total of 33% if Isbank is listed on the Borsa Istanbul.
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