Belarusian life:) co-owner sentenced to 11 years and 8 months in prison

• 11.02.2010, 11:47

The Court of Istanbul delivered a tough sentence to Mehmet Emin Karamehmet, the Tukcell’s chairman of the board.

Mehmet Emin Karamehmet is found guilty of misusing loans handed out by Pamukbank, he used to own, RIA Novosti quotes the Turkish newspaper Haberturk.

The co-owner of Turkcell and Belarusian mobile operator life:) was sentenced to 11 years and 8 months in jail. The court also fined the businessman 312 million dollars.

Karamehmet is not in custody, but he cannot leave the county.

Lawyers of the businessman, recognized the second richest man in Turkey by Forbes in 2008 (he has 2.8 billion dollars) are going to appeal against the court’s decision.

Under the Turkish law, the Appeal Court will consider the judgement of the lower court.

The reason for instigating a case against Karamehmet and 11 top executives of Pamukbank, seized by the state in 2002, was misuse of loans.

According to the businessman, he paid $4.2 billion to the Savings Deposit Insurance Fund after selling a stock in Tukrcell mobile operator and his second bank Yapi Kredi. Representatives of Cukurova Holding, also co-owned by Mehmet Karamehmet, filed documents to the court saying debts to the Fund had been paid off, the newspaper Milliyet writes.