Cem Uzan's $68 billion compensation claim rejected

Cem Uzan, who has characterized the seizure of his companies and assets in Turkey as political from the very beginning, had taken this process to European courts. However, in the case heard at the Paris Court, where $68 billion in compensation was sought, the French judiciary once again confirmed the validity of the Turkish courts' decisions. Accordingly, the Uzan family's attempts in France were rejected by the local judiciary.

Following the recognition of the court decisions, and at the request of the SDIF (TMSF), precautionary measures were placed on private safe deposit boxes and bank accounts belonging to Uzan in Paris. Due to the frozen accounts, Cem Uzan's access to his financial resources in France has been blocked.

THE FINAL WORD ON THE $68 BILLION CASE

The Uzan brothers filed a total of $68 billion in compensation lawsuits in Paris in 2021, describing the seizure of their companies and real estate in Turkey as "unlawful." In the case, after a five-year investigation, the court ruled that the plaintiffs were attempting to create an artificial basis to circumvent the authority of the Turkish courts.

In the court's reasoned decision, it was emphasized that the SDIF is a state institution, and it was noted that the French judiciary has no authority to interfere with the functioning of a foreign country's public services. Ultimately, the case was dismissed on grounds of lack of jurisdiction, and the Uzan family was ordered to pay 100,000 euros in compensation to the defendant party.

During the period managed by Cem Uzan and his family, approximately $6.5 billion in public losses occurred due to double-bookkeeping practices at İmar Bank. This loss was covered by the state treasury, and payments were made to the victimized depositors. This loss corresponds to $17.4 billion in today's value.

Following the discovery of irregularities at İmar Bank, lawsuits heard in various courts against Cem Uzan resulted in a total finalized prison sentence of 47 years, 5 months, and 20 days for crimes including defrauding public institutions, qualified embezzlement, and establishing and managing a criminal organization. The SDIF continues its legal battle abroad to recover the public losses caused by the Uzan family.

RESULTS REMAIN UNCHANGED IN OTHER INTERNATIONAL CASES

The Libananco arbitration case, filed by the Uzan family over Çukurova Elektrik (ÇEAŞ) and Kepez Elektrik, which reached $23.5 billion including interest, also concluded in Turkey's favor. Thus, Turkey's position in similar large-scale international cases has been legally affirmed.

News Source: 12punto