Subject: [NEXTEL-1] Turkish GSM network seized by government agency

From: [email-masked]
Date: Mon, 16 Feb 2004 18:00:46 -0500

Turkish GSM network seized by government agency

Turkey's Savings and Deposits Insurance Fund says that it has seized the assets
of some 219 companies controlled by the Uzan familiy, saying that they had
failed to repay debts of more than US$5.5 billion.

The Uzan family are currently engaged in legal action with Nokia and Motorola
who are suing them over allegations of misusing vendor loan funds. Turkey
accuses the Uzans of being involved in bank fraud - a charge denied by the
family.

The GSM network operator, Telsim which is at the center of the Motorola/Nokia
lawsuit, was one of the 219 companies seized.
Turkish authorities say that an investigation into the Uzan-run Imar Bank
revealed a huge deficit, established that the company hid the real number of its
clients and sold non-existing treasury bonds.

Several Uzan family members - including the head of the family, Kemal Uzan - are
on the run, while others are standing trial along with company managers. Arrest
warrants have been issued for Kemal Uzan, his brother Yavuz and Kemal's younger
son Hakan, on charges of embezzlement, fraud and irregular off-shore
transactions.

The SDIF made a statement regarding their seizure of the Uzan companies “The
operation which has been started today is aimed at collecting the public
receivables in accordance with the Banking Law and other related laws.” In the
statement it was also remarked: “After further examinations to determine the
bank deposits obligation, it was determined that the bank had an obligation ten
times more than seen in its accounting records. It is hard to imagine
embezzlement of such scale.”

Earlier this month, a US federal appeals court rejected a second
appeal by the Uzan family, who were trying to reverse the US$4.2
billion judgment that Motorola and Nokia won last summer

Posted to the site on 16-Feb-04

http://www.cellular-news.com/story/10635.shtml
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