Supreme Court affirms Uzan fraud against Motorola judgement
www.telecom.paper.nl - May 17, 2005, Telecompaper
Motorola announced that the United States Supreme Court today affirmed a judgment for $2.13 billion against the Uzan family of Turkey for perpetrating a massive fraud against Motorola. The Supreme Court decision denying the Uzans’ petition for a writ of certiorari ends all the Uzan’s rights to further appeal of the July 31, 2003 judgment rendered by Judge Rakoff of the United States District Court for the Southern District of New York.
As previously announced, the District Court found that the Uzans had perpetrated a "massive fraud" against Motorola in connection with loans made by Motorola to Telsim, the second largest telecommunications company in Turkey that was owned by the Uzans. The District Court found that the Uzans fraudulently induced Motorola to make the loans to Telsim, stole the collateral given to Motorola to secure the loan (stock in Telsim), filed false criminal charges against Motorola executives and stole at least $1 billion from Telsim for personal use. The Court of Appeals had also upheld the District Court’s ruling.
"We are extremely gratified with the decision from the Supreme Court," said Peter Lawson, executive vice president, general counsel and secretary of Motorola. "From the outset of this case, the Uzans have raised one specious argument after another to divert attention from their massive fraud. The highest court of the United States has followed the lower courts in rejecting the after-the-fact contrivances of the Uzans. We will continue in our efforts to recover Motorola’s stolen assets from the Uzans."
17-05-05, 18:27
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