Turkish prosecutors seized control over media conglomerate Can Holding on Thursday, citing charges of fraud, money laundering, and tax evasion.

Authorities issued 10 arrest warrants against various executives of the company and are reported to have raided the homes of Mehmet Sakir Can, Kemal Can, and Kenan Tekdag. The suspects also had their personal assets seized, including real estate and finances.

Trusteeship of the company has been replaced with the independent governing body of asset management in the Turkish banking system, the Savings Deposit Insurance Fund of Türkiye, which has stated that business will continue as usual for the affected companies and that they will ensure employees remain protected.

The charges come following a report by Türkiye’s Financial Crimes Investigation Board and a subsequent police investigation. Findings cite strong evidence that “large sums of money of unknown origin were transferred through companies operating under Can Holding, that these funds were transferred between various companies in an attempt to conceal their traces, and that tax liabilities were reduced through transactions without invoices and forged documents.”

Reporters Without Borders spokesman Erol Onderoglu spoke favorably about the move, citing the prevalent corruption in the sector, but also expressed caution over increased government control of the media in Türkiye, of which the government is estimated to control 90 percent. Türkiye scored an 8 out of 10 for financial crimes according to the global crime index and has increased its efforts to crackdown on it in recent years.

Can Holding is an Istanbul-based mega-conglomerate with assets in 121 companies, including three popular media outlets: Haberturk, Show TV, and Bloomberg HT. It also owns stakes in the construction company Tefken Holding as well as Istanbul Bilgi University.