Turkey Takes Control of Park Holding Conglomerate in Fraud Probe

A Turkish court placed Ciner Group’s Park Holding and its subsidiaries under the control of a state-run fund while prosecutors pursue an investigation into allegations of fraud.

“Coordinated operations targeted Park Holding and subsidiaries, with raids, arrests, and seizures against 10 executives,” the Istanbul chief public prosecutor’s office said in a statement on Sunday. A court placed Park Holding and its subsidiaries — AFC Ithalat, Zeyfa Ithalat and Silopi Elektrik — under the trusteeship of the Savings Deposit Insurance Fund, the statement said.