Turkish telecom company, Telsim Mobil, announced this week its plans to countersue Motorola and Nokia after they accused the firm of entering into loan arrangements with fraudulent intentions. The Uzan family, Telsim’s owners have been slapped with a three billion dollar law suit, $2.3 billion of which would be directed to Motorola and $700 million to Nokia.
Finland’s Nokia and the United States’ Motorola have alleged that Telsim and Rumeli Telefon—also an Uzan-run company—defrauded them by not paying back their loans and illegally diverting funds and assets to other family enterprises, reported Turkey’s Anatolia news agency. The suit also claims that the Uzans have engaged in extortion and intimidation to avoid their obligations.
Telsim denied the charges had any relevance, asserting that it had made great efforts to resolve the dispute but had been rejected by its accusers. In the counter-offensive, Telsim said the Nokia had not fulfilled its obligations under contracts for the sale of equipment.
Earlier this week, an American court froze properties owned by the Uzans in the United States, including nine flats and eight million dollars’ worth of funds. The first court hearing is scheduled for February 11.
GSM operator Telsim was founded in 1993 on 100 percent domestic capital. In 1998, Telsim obtained its license for 25 years by the agreement made with Turkish Telecom. Telsim is Turkey's second-largest operator after Turkcell, a partnership between Turkey's Cukurova Holding and Sonera. A third operator that started operations in March 2001 is Aria, a partnership between Is Bankasi and Telecom Italia Mobile. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
