11 fined 25.6 billion Turkish Liras for ‘looting’ İmar Bank accounts

ISTANBUL

A commercial court in Istanbul has fined 11 people a total of some 25.6 billion Turkish Liras for “looting the accounts of İmar Bank,” which had its banking license canceled by Turkey’s Banking Regulation and Supervision Agency (BDDK) in 2003.

Istanbul’s 1st Commercial Court recently reached a verdict in the case, which had lasted for nearly 10 years, against 11 suspects accused of looting the accounts of İmar Bank.

The court ruled the 11 individuals were “responsible” for the looting and fined them some 16.8 billion liras in real debt, in addition to some 8.8 billion liras in interest, payable to Turkey’s bankruptcy administration. 

Among the suspects in the case were former İmar Bank board members, in addition to deputy general managers and its financial control manager. Yavuz Uzan, the uncle of controversial Turkish businessman Cem Uzan, was among those who were found guilty by the court. 

Cem Uzan, the former owner of İmar Bank, Adabank and Telsim cellular phone operator, was sentenced to 18 years and five months in prison for embezzlement after he was accused of channeling money deposits kept in İmar Bank to construction companies owned by the Uzan family.