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01/29/2002 04:35 PM ID: 16635 Permalink   

Nokia and Motorola Jointly Sue Turkish Family

 

A Turkish family, which happen to run Turkeys second largest telecommunications network, are being sued by both Motorola and Nokia, for a whopping $3 billion.

The mobile phone giants are claiming that the Uzan family acted in bad faith after borrowing money from both companies to buy their products, a process known as "Vendor finance," and then using the money in other ways.

The legal action was filed in New York, so that the two corporations can bring additional charges under Americas RICO act. According to the suit, the Uzan family went so far as to hack Motorolas computer system. The family has a net value of $1.6bn.

 
  Source: news.bbc.co.uk  
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