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Turkish media company raided by police ahead of elections
The early-morning raids at the studios of Kanalturk and Bugun TV, broadcast by reporters on site until police unplugged their cameras, came after an Ankara prosecutor’s decision on Monday to appoint trustees to manage more than 20 companies owned by Koza-Ipek Holding.
Protestors hold up signs in support of Kanalturk and Bugun TV after a police crackdown on media houses that oppose President Erdogan
Turkish police raided the media headquarters of a company linked to an enemy of President Recep Tayyip Erdogan, cutting live broadcasts and occupying control rooms four days before elections. Shares in three public companies owned by the same group tumbled further on the Istanbul exchange.
The early-morning raids at the studios of Kanalturk and Bugun TV, broadcast by reporters on site until police unplugged their cameras, came after an Ankara prosecutor’s decision on Monday to appoint trustees to manage more than 20 companies owned by Koza-Ipek Holding.
The action has erased about 1.2 billion liras ($410 million) in market value from its three listed companies: gold miner Koza Altin Isletmeleri, energy explorer Ipek Dogal Enerji and miner Koza Anadolu Metal.
Koza-Ipek is accused of financing U.S.-based Islamic preacher Fethullah Gulen, a former Erdogan ally who was declared the leader of a terrorist organization following a 2013 corruption probe, which Erdogan blamed on Gulen’s followers and declared a coup attempt.
The most recent operation against the group has raised “new concerns for international investors,” according to Akin Tuzun, an analyst at VTB Capital in Istanbul, who predicts an increase in the risk premium on Turkish assets as a result.
