Nearly $200 mln in disputed Uzan funds transferred to Turkish state
Güncelleme Tarihi:
ISTANBUL - A total disputed amount of $196 million, which had been deposited in Swiss accounts by the former owners of a failed Turkish bank, was transferred to Turkey's state-run Savings and Deposit Insurance Fund, or TMSF, the Fund said Wednesday. (UPDATED)
Swiss authorities had blocked cash and entities belonging to Motorola Credit and Nokia had accused the Uzans of borrowing money to build a next-generation wireless network - with no intention of paying back the money. From 1998 to 2000, Motorola and Nokia transferred $2.7 billion in loans to the Uzan-controlled telecom company, Telsim. The family diverted at least $1 billion of that money to their own pockets and other entities, a Swiss court ruling found in 2003. The TMSF said in a statement Wednesday it had reached agreement with Motorola and Nokia regarding payment of the outstanding debt. According to details of the deal released by the TMSF, 72.5 percent of the cash and holdings would be transferred to the state financial authorities, while the remainder would be divided between the two debtors. In 2004, the TMSF seized over 219 companies belonging to the Uzan business dynasty after it failed to repay debts of more than $5.5 billion. The Uzans' interests range from media to telecommunications, banking, and construction materials. The family's mobile telephone operator, Telsim, was the second biggest in the country when it was seized.