Uzan Group

Last updated

Uzan Group was a Turkish conglomerate owned by Cem Uzan. The group formerly owned (via the Star Media Group) Star TV, which it had founded as the first private broadcaster of the country, Metro FM, [1] and the Star newspaper it launched in 1999. Other group companies included the Telsim mobile network [2] and Imar Bank. [1] In 2003 the Turkish government seized 219 group companies to cover $5.7 billion of debts arising from bank fraud at Imar. [3] [4]

Uzan Group's ÇEAŞ and Kepez companies were seized by the Turkish government in 2003. A Cypriot company controlled by the Uzan family, Libananco, sued the Turkish government for $10 billion in damages, but lost the case in front of the International Centre for Settlement of Investment Disputes trade panel. [1] [5]

Related Research Articles

<span class="mw-page-title-main">World Bank Group</span> Group making loans to developing countries

The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. It is the largest and best-known development bank in the world and an observer at the United Nations Development Group. The bank is headquartered in Washington, D.C., in the United States. It provided around $98.83 billion in loans and assistance to "developing" and transition countries in the 2021 fiscal year. The bank's stated mission is to achieve the twin goals of ending extreme poverty and building shared prosperity. Total lending as of 2015 for the last 10 years through Development Policy Financing was approximately $117 billion. Its five organizations are

<span class="mw-page-title-main">Yukos</span> 1993–2007 Russian oil and gas company

OJSC "Yukos Oil Company" was an oil and gas company based in Moscow, Russia. Yukos was acquired from the Russian government by Russian oligarch Mikhail Khodorkovsky's Bank Menatep during the controversial "loans for shares" auctions of the mid 1990s. Between 1996 and 2003, Yukos became one of the biggest and most successful Russian companies, producing 20% of Russia's oil output. In the 2004 Fortune 500, Yukos was ranked as the 359th largest company in the world. In October 2003, Khodorkovsky—by then the richest person in Russia and 16th richest person in the world—was arrested, and the company was forcibly broken up for alleged unpaid taxes shortly after and declared bankrupt in August 2006. Courts in several countries later ruled that the real intent was to destroy Yukos and obtain its assets for the government, and act politically against Khodorkovsky. In 2014, the largest arbitration award in history, $50 billion (€37.2 billion), was won by Yukos' former owners against Russia. This $50 billion award by the Permanent Court of Arbitration was ruled invalid by the District court in The Hague in 2016, but reinstated by the Court of Appeal of the Hague in 2020.

<span class="mw-page-title-main">American International Group</span> American multinational finance and insurance corporation

American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of 2023, AIG employed 25,200 people. The company operates through three core businesses: general insurance, life & retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. AIG is the title sponsor of the AIG Women's Open golf tournament. In 2023, for the sixth consecutive year, DiversityInc named AIG among the Top 50 Companies for Diversity list.

<span class="mw-page-title-main">Azurix</span> Water services company

Azurix Corp. is a water services company, headquartered in Houston, Texas. The company owned and operated facilities in North America, Europe, and South America. In 2007, Azurix was awarded a $165 million claim against the government of Argentina by an international arbitral tribunal; the company is currently involved in a dispute over Argentina's refusal to pay the claim.

The International Centre for Settlement of Investment Disputes (ICSID) is an international arbitration institution established in 1966 for legal dispute resolution and conciliation between international investors and States. ICSID is part of and funded by the World Bank Group, headquartered in Washington, D.C., in the United States. It is an autonomous, multilateral specialized institution to encourage international flow of investment and mitigate non-commercial risks by a treaty drafted by the International Bank for Reconstruction and Development's executive directors and signed by member countries. As of May 2016, 153 contracting member states agreed to enforce and uphold arbitral awards in accordance with the ICSID Convention.

<span class="mw-page-title-main">Argentine debt restructuring</span> Process following Argentinas Great Depression

The Argentine debt restructuring is a process of debt restructuring by Argentina that began on January 14, 2005, and allowed it to resume payment on 76% of the US$82 billion in sovereign bonds that defaulted in 2001 at the depth of the worst economic crisis in the nation's history. A second debt restructuring in 2010 brought the percentage of bonds under some form of repayment to 93%, though ongoing disputes with holdouts remained. Bondholders who participated in the restructuring settled for repayments of around 30% of face value and deferred payment terms, and began to be paid punctually; the value of their nearly worthless bonds also began to rise. The remaining 7% of bondholders were later repaid 25% less than they were demanding, after centre-right and US-aligned leader Mauricio Macri came to power in 2015.

<span class="mw-page-title-main">Star TV (Turkish TV channel)</span> Turkish nationwide TV channel

Star TV is a Turkish nationwide TV channel. It has been owned by Ferit Şahenk's Doğuş Media Group since 2011.

<span class="mw-page-title-main">Hana Bank</span> South Korean commercial bank

Hana Bank is a commercial bank headquartered in Seoul, South Korea. Since its establishment as the Korea Exchange Bank in 1967, it has provided the largest range of foreign exchange products in South Korea.

<span class="mw-page-title-main">Cem Uzan</span> Turkish businessman and politician

Cem Uzan is a Turkish businessman and politician involved in the media and banking industries, while also chairing the social liberal Young Party (GP). His family's media empire at one time included both television stations and print media. His family was one of Turkey's most influential families. His supporters claim Uzan's political rivalry resulted in the group's companies being seized by the government under Prime Minister Recep Tayyip Erdoğan, eventually resulting in Uzan's flight to France to escape what he claimed was political persecution. He has been sentenced in absentia to jail terms in the UK, USA and Turkey for fraud-related offences.

Crystallex International Corporation is a Canadian corporation engaged in gold mining and exploration. It operates open-pit mines and exploration sites in Venezuela. Its current level of output characterizes it as a junior gold producer.

Investor–state dispute settlement (ISDS), or an investment court system (ICS), is a set of rules through which countries can be sued by foreign investors for certain state actions affecting the investments (FDI) of that investor by that state. This most often takes the form of international arbitration between the foreign investor and nation. For the rules to be effective, they must have been agreed upon between the states concerned.

Albert Jan van den Berg is a founding partner of Hanotiau & van den Berg in Brussels, an Emeritus Professor of Law at the Erasmus University, Rotterdam, a visiting professor at Georgetown University Law Center, Washington DC and at the University of TsinghuaArchived 2018-08-10 at the Wayback Machine School of Law, Beijing and a member of the Advisory Board and Faculty of the Geneva Master of Laws in International Dispute Settlement (MIDS), Geneva.

Vodafone Telekomünikasyon Anonim Şirketi or Vodafone Turkey is a Turkish mobile telecommunications company. It was formed when Telsim, which was founded by the Uzan Group, was incorporated into Vodafone group on 28 December 2005. On 24 May 2006 Telsim brand name was changed into Vodafone Turkey. Incorporated by the Vodafone Group, one of the biggest international mobile communication companies of the world in terms of revenues, Vodafone Turkey is the second biggest mobile communication company of Turkey with 20.6 million users as of 11 November 2014, an increase of 105,000 customers from the fourth quarter of 2011. As the second biggest direct international investment of Turkey, the total investment of Vodafone Turkey, including the acquisitions, since 2006 has exceeded TL 11 billion.

Merrill, previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment banking arm, both firms engage in prime brokerage and broker-dealer activities. The firm is headquartered in New York City, and once occupied the entire 34 stories of 250 Vesey Street, part of the Brookfield Place complex in Manhattan. Merrill employs over 14,000 financial advisors and manages $2.8 trillion in client assets. The company also operates Merrill Edge, a division for investment and related services, including call center counsultancy.

<i>Philip Morris v. Uruguay</i> Arbitration case on smoking regulations

The Philip Morris v. Uruguay case was an investor-state dispute settlement case initiated on 19 February 2010 and concluded on 8 July 2016, in which the multinational tobacco company Philip Morris International (PMI), whose head office is located in Lausanne, lodged a complaint against Uruguay that was resolved by international arbitration under the auspices of the International Centre for Settlement of Investment Disputes (ICSID).

Star Media Group is a Turkish media group. Among other properties it owns the Star newspaper and the television channel Channel 24.

Yukos shareholders v. Russia are several international court and arbitral cases seeking compensation from the government of Russia to the former shareholders of Yukos based on the claim that Russian courts were not acting in good faith in launching tax evasion criminal proceedings against Yukos, which led to the bankruptcy of the company.

MV <i>Karadeniz Powership Kaya Bey</i>

MV Karadeniz Powership Kaya Bey is a Liberia-flagged powership, a floating oil-burning power plant, owned and operated by Karpowership. Built in 1983 in Brazil and christened MV Gulf Grain, she sailed as a bulk carrier under various names and flags until she was acquired in 2009 to be converted into a Powership in Turkey. The Powership supplied electricity to the power grid in Pakistan, then in Basra, Iraq.

MV <i>Karadeniz Powership Alican Bey</i>

The MV MV Karadeniz Powership Alican Bey is a power barge, a floating power plant, owned and operated by Karpowership. Built in Singapore and converted into a Powership in Turkey, she was commissioned in 2011 to supply electricity to the power grid in Pakistan.

The Reko Diq case, officially known as the "Tethyan Copper Company Pty Limited v. Islamic Republic of Pakistan" case is an ongoing legal case between the Government of Pakistan and the Tethyan Copper Company (TCC) over breach of the Australia–Pakistan Bilateral Investment Treaty (BIT) and illegal denial of mining rights to TCC at the Reko Diq Mine in Chagai District, Balochistan.

References

  1. 1 2 3 Hurriyet Daily News, 22 May 2013, Turkey wins final appeal in Libananco case against Uzan family
  2. Feder, Barnaby J. (August 1, 2003). "Motorola Wins $4 Billion in Dispute Over Loans to Turkish Family". New York Times. Retrieved August 4, 2012.
  3. haberler.com, 30 January 2013, Another Loss Expected For Uzan Family In Libananco Case
  4. New York Times, 16 February 2004, Turkey Seizes 219 Companies Of Uzan Family
  5. ICSID, 22 September 2011, Libananco v Turkey, ICSID case no. ARB/06/8 Archived 2014-05-17 at the Wayback Machine