Billionaires at large

last updated 8 January 2015

Istanbul

Turkish police have arrested a member of one of the country’s richest families: the Uzans. Bahattin Uzan, who was found hiding in his son’s Istanbul apartment this week, was wanted for possible fraud in connection with the failure of the family-owned bank, Imar. His brother, Kemal Uzan, and other family members are still being sought. The Uzan corporate empire of energy, media, and telecommunications firms has been floundering all year. The government recently seized two of its energy companies, and the conglomerate was frozen out of a major privatization after failing to make a payment. The Uzans say the actions are all part of a politically motivated campaign to stop the rise of the new Youth Party, founded by Kemal’s son Cem Uzan. The family also has legal troubles beyond Turkey. A U.S. judge has ordered the clan to pay more than $4 billion in reparations to Motorola and Nokia, their cell phone partners in Turkey.