N.Y. court asked to freeze Turkish family's assets in UAE bank | Reuters

N.Y. court asked to freeze Turkish family's assets in UAE bank | Reuters:



"An attorney for a Motorola subsidiary asked New York's top state court on Tuesday to allow it to freeze the assets of a Turkish family held by a branch of an international bank in the United Arab Emirates.



U.S. District Judge Jed Rakoff in Manhattan in 2003 ruled that the Uzan family owed Motorola Credit Corp more than $2 billion and tacked on $1 billion in punitive damages in 2006. It was found that the Uzans siphoned off loans that Motorola Credit made more than a decade ago to Turkish mobile phone company Telsim, which the family controlled at the time.



Last year, however, Rakoff ruled in favor of defendant Standard Chartered Bank [STANB.UL], who was holding $30 million for the Uzans in a branch in the United Arab Emirates. Rakoff said New York law precluded Motorola from ordering a freeze on that money. A federal appeals court asked the New York Court of Appeals to decide whether Rakoff was right."



'via Blog this'