GREEN RIVER — WE Soda is distancing itself from an investigation into a company that had purchased media interests from the Ciner Group in Turkey last April.
According to digital publication Turkish Minute, the Turkish government has issued an arrest warrant for WE Soda’s principal shareholder Turgay Ciner. Turgay is also married to WE Soda’s Board Chair, Didem Ciner.
In a statement sent internally to WE Soda employees from CEO Alasdair Warren, the company cites an investigation into Can Holding, which had purchased media interests from the Ciner Group. WE Soda says allegations against Can Holding include establishing a criminal organization, laundering assets acquired through criminal means and aggravated fraud.
Turkish Minute cites a report from the Turkish state-run news agency Anafolu in its reporting that warrants for Turgay Ciner and 12 managers at companies affiliated with the Ciner Group were issued. A Turkish court recently put Ciner Group’s Park Holding and subsidiaries under the control of a state-run fund. The warrants and court order stem from a money laundering investigation according to Turkish Minute.
According to the statement, while various Ciner Group companies are under administrative control of Turkish authorities and some of the Ciner Group companies and the shareholder in WE Soda have been asked to participate in the investigation, none of those companies have “operational, governance or other rights over WE Soda.”
According to Turkish Minute, Turgay Ciner is one of the county’s most prominent businessmen, with interests spanning media, mining, and chemicals. The publication notes he has lived in London recently, “where his London-based firms WE Soda and Ciner Glass manage major investments, including a 2025 acquisition in the US valued at $1.4 billion.” The $1.4 billion acquisition was the purchase of the mine and facility west of Green River formerly owned by Genesis Alkali.
Turkish Minute says Turgay was heavily involved in Turkish media from the late 1990s to 2024, when his company opted to leave the media business through its sales to Can Holding.
Didem Ciner also has a background in Turkish media, according to her WE Soda bio. She has experience in senior roles throughout the Ciner Group, which includes serving as the chair and board member of Ciner Glass. The bio lists her as president of the Ciner Media Group and was responsible for launching Bloomberg HT, a joint venture between Bloomberg Television and Turkey’s only business television channel. She was also involved in Ciner Media Group’s acquisition of Show TV, which WE Soda cites as one of Turkey’s most popular entertainment channels. She has served as WE Soda’s chair since March 2024.
The WE Soda release also states WE Soda isn’t involved with the investigation, and its businesses and operations have not been impacted. The company also states Ciner Group doesn’t have any connections or business relationship with Can Holding aside from the sale of Ciner’s media assets.
Turkish Minute claims the government takeover of Can Holding is the latest in a number of corporate seizures in Turkey since a failed 2016 coup. The publication says the government has alleged links to criminal networks or terrorism funding in its corporate takeovers, saying the government has seized 784 companies with a total value of more than $1 billion. The publication also cites accusations from human rights groups and opposition parties that the takeovers are used to punish political opponents and quiet dissenting media.
