Summary
Uzan Group was a Turkish conglomerate owned by Cem Uzan. The group formerly owned (via the Star Media Group) Star TV, which it had founded as the first private broadcaster of the country, Metro FM,[1] and the Star newspaper it launched in 1999. Other group companies included the Telsim mobile network[2] and Imar Bank.[1] In 2003 the Turkish government seized 219 group companies to cover $5.7 billion of debts arising from bank fraud at Imar.[3][4]
Uzan Group's ÇEAŞ and Kepez companies were seized by the Turkish government in 2003. A Cypriot company controlled by the Uzan family, Libananco, sued the Turkish government for $10 billion in damages, but lost the case in front of the International Centre for Settlement of Investment Disputes trade panel.[1][5]
References edit
- ^ a b c Hurriyet Daily News, 22 May 2013, Turkey wins final appeal in Libananco case against Uzan family
- ^ Feder, Barnaby J. (August 1, 2003). "Motorola Wins $4 Billion in Dispute Over Loans to Turkish Family". New York Times. Retrieved August 4, 2012.
- ^ haberler.com, 30 January 2013, Another Loss Expected For Uzan Family In Libananco Case
- ^ New York Times, 16 February 2004, Turkey Seizes 219 Companies Of Uzan Family
- ^ ICSID, 22 September 2011, Libananco v Turkey, ICSID case no. ARB/06/8 Archived 2014-05-17 at the Wayback Machine