Motorola may seize Uzan family’s UK assets

7 Dec 2004

US handset manufacturer Motorola yesterday won a London High Court ruling allowing it to seize the UK assets of Turkey’s Uzan family, the former owners of Turkish wireless operator Telsim. Motorola and rival equipment vendor Nokia had previously been awarded a total of more than USD2 billion in damages, when a US court found that the Uzans had committed fraud against both. The original ruling last year found that the Uzans fraudulently induced Motorola to make loans to their wireless subsidiary Telsim, stole the collateral given to Motorola to secure stock in Telsim, filed false criminal charges against Motorola executives and stole at least USD1 billion from Telsim for personal use. The court’s decision in the UK effectively ‘domesticates’ the US judgement, a move that is now likely to be replicated in other countries where the Uzans have assets.

United Kingdom, United States, Vodafone Turkey