Prominent Turkish businessman Tayfun Demiroren arrested at Istanbul Airport

Turkish businessman Tayfun Demiroren, a prominent board member of Demiroren Holding, was arrested on January 15 at Istanbul Airport due to an outstanding debt of ₺66 million ($1.85 million) and a finalized conviction. He was apprehended while awaiting the arrival of his family, taken into custody, and subsequently arrested.

Demiroren Holding, a company active in various industries including media, and energy in Türkiye, announced that Tayfun Demiroren’s arrest is not linked with the company’s activities.

Tayfun Demiroren: Court rulings over bad checks

The Istanbul 15th Execution Criminal Court had previously issued two rulings against Demiroren for issuing bad checks. On January 10, 2024, he allegedly issued a bad check worth ₺43.7 million ($1.22 million), followed by another on February 5, 2024, for ₺22.77 million ($637,560). Both checks were returned, leading to a total fine of ₺66.77 million ($1.85 million), which was confirmed on November 22, 2024.

A routine check at the airport uncovered Demiroren’s outstanding warrant, prompting his arrest and transfer to the Istanbul Chief Public Prosecutor’s Office. He was later processed and sent to prison.

Demiroren Holding statement

Demiroren Investment Holding quickly distanced itself from the situation, issuing a statement that Tayfun Demiroren’s arrest was related to his personal business, Mikare Real Estate, and not the holding itself.

The company emphasized that the case and debts were entirely separate from Demiroren Holding’s operations, as previously clarified in a January 3, 2024 press release.

Mikare Real Estate’s financial troubles

Founded by Tayfun Demiroren in Berlin in 2014, Mikare Real Estate focuses on real estate and environmentally friendly alternative mining projects. The company was known for its major project, Upside Berlin, one of the largest construction complexes in the city.

However, Mikare faced financial difficulties after taking out a 240 million euro loan in Germany in 2020, which led to temporary bankruptcy proceedings when the company failed to repay the debt. Consequently, Mikare withdrew from two significant unfinished residential tower projects in Berlin.