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Website: Rapid TV News
Mehmet Emin Karamehmet, chairman of the giant Çukurova Group which has interests in media and telecommunications, has been found guilty of illegally extending loans through a bank he controlled.
He was sentenced to 11 years, 8 months in prison.
Karamehmet also has to pay a fine of 471.9m Turkish Lira (about US$311m) to cover the State’s losses.
Other associates of Mr Karamehmet were also found guilty. Karamehmet was the former owner of broadcasting operation ATV-Sabah.
Istanbul’s 8th High Criminal Court decided that Karamehmet was involved in acts of embezzlement in a number of loans offered by Pamukbank to companies within his group.
Just a week ago, Karamehmet’s digital satellite company, Digitürk, was given a hefty fine for alleged misconduct that caused the loss of hundreds of millions of lira in state tax revenue.
Digitürk, operating under the umbrella of Mr Karamehmet’s Çukurova Group, was first inspected by auditors from Turkey’s Revenues Administration in 2006, which ended in a difference of TL 329 million between declared and actual taxes.
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