Uzan

A commercial court in Istanbul has fined 11 people a total of some 25.6 billion Turkish Liras for "looting the accounts of ?mar Bank," which had its banking license canceled by Turkey's Banking Regulation and Supervision Agency (BDDK) in 2003.

Turkish President Recep Tayyip Erdo?an's son is under investigation in Italy for money laundering in connection with a 2013 corruption scandal that rocked the Turkish political establishment, according to Italian media reports.

Turkey's Savings Deposit Insurance Fund (TMSF) will again put local lender Adabank up for auction on Feb. 23, 2016, after previous auctions did not yield results, as was announced in the Official Gazette on Nov. 21. 

The insurance fund has put an appraisal price of $60 million on some 94.4 percent of Adabank, $17.5 million less than the previous 2014 appraisal price.

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