Motorola Unit Awarded $4.3-Billion Judgment
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A federal judge ordered Turkey’s wealthy Uzan family, which owns the country’s No. 2 wireless carrier, to pay a financial unit of Motorola Inc. about $4.3 billion for siphoning huge sums from the company in a bogus financing scheme.
Motorola Credit Corp. and its larger rival Nokia sued the Uzan family in January 2002 in federal court in Manhattan after lending the family about $3 billion for what they thought was an expansion of Telsim, a Turkish wireless carrier.
The companies accused the Uzans of using the money for luxuries such as yachts and expensive New York property.
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