The businessman was also ordered to pay TL 471.95 million to cover losses he had caused to the state.The court’s verdict also included 10 years, four months and 13 days of penal servitude for Orhan Emirdağ and nine years, eight months for Osman Berkmen, two former managers of the bank similarly accused.
Only Emirdağ was present during the trial, which was heard by the İstanbul 8th High Criminal Court. The other suspects, including Karamehmet, the former owner of Sabah-ATV Group and Etibank, Dinç Bilgin, former minister and chairman of Nergis Holding, Cavit Çağlar, were only represented by their lawyers in the trial.
After hearing the prosecutor’s accusations and the defendants, the court assessed the case and finally decided that Karamehmet was involved in acts of embezzlement in a number of loans offered by Pamukbank to companies within the group and also to other companies outside the umbrella of the main holding.
The court said TL 188.79 million had been extended by the bank in a premeditated crime with the prior knowledge that the money would not be paid back. The crime was committed in a “devious and dishonest” way the court added in its verdict.
The court ruled that Berkmen and Emirdağ will also pay TL 471.95 million. Additionally, Karamehmet, Berkmen and Emirdağ will be permanently barred from participating in public services. With regards the “back to back” loans between Pamukbank and Etibank, the court said the accusations against Karamehmet, Bilgin, Çağlar, Berkmen and Emirdağ were void as the maximum amount of time required for opening a lawsuit against these transactions has already passed. The court lifted the restrictions on traveling abroad for Bilgin and Çağlar but placed travel restrictions on Karamehmet, Emirdağ and Berkmen.
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.
