Cavit Çağlar (born 1944, Komotini, Greece) is a Turkish businessman and politician. He was elected to the Grand National Assembly of Turkey (TBMM) for the True Path Party (DYP) in 1991, serving as a Minister of State responsible for state-owned banks (51st and 52nd government of Turkey). He resigned from the DYP in 1996, remaining in parliament as an independent until 1999. He had been a major financial contributor to the political comeback of President Suleyman Demirel.[1] In 2004 he was sentenced to three years ten months for bank fraud.
Çağlar was born in Komotini, Greece to ethnic Turks, moving to Turkey when he was still at school. He left school at age 15 when his father died to look after his family. He entered the textile business, joining his uncle, a textile merchant in Bursa. With his uncle's support and state loans, he built up a large industrial and trade group, Nergis Holding, which in 1996 had turnover of around $1bn and exports of around $200m. Based around textiles, by 1996 it also included major real estate investments (including in tourist facilities around the Sea of Marmara), and publishing and broadcasting ventures, including news channel NTV.[1]
Careeredit
In 1996 Nergis acquired Çukurova Holding's majority stake in İnterbank.[2] In December 1997 Etibank was privatised to Medya-Ipek Holding, co-owned by Çağlar and Dinç Bilgin, for $155m,[3] and in September 1998 Çağlar was celebrating a $1bn investment in textile production with Demirel opening the new factories.[4] In February 1998 police uncovered a plot to assassinate Çağlar by a group working for Alaattin Çakıcı, related to the bank privatization.[5]
On 7 January 1999 İnterbank, then majority-owned by Nergis Holding, was transferred to the TMSF.[6] It was later merged with Etibank, before being liquidated.[7][8] Later in January, NTV was sold to the Dogus Group.[9] In June 1999 prosecutors alleged that in 1998 Interbank had transferred over $650m to Nergis Holding companies – far in excess of legal limits for intra-group transfers.[10] The total amount owed by Nergis to Interbank was said to be over $1.1bn.[10] In January 2001 Turkey issued a warrant for his arrest, accusing Çağlar of using a $7.4m business bank loan for personal use. He was arrested in New York in April, and agreed to return to Turkey to face trial after a New York court denied a $5m bail application.[11][12][13]
In 2004 Çağlar agreed to pay TMSF $1.6bn for debts relating to Interbank. When he failed to keep up payments, some of his other companies were seized, including his 50% stake in BİS Enerji, an electricity generating company in Bursa.[14] Hotels, helicopters and media assets were also seized, and the Nergis Holding textile companies suffered financial difficulties, with 785 workers put on unpaid leave for over three months in 2008.[15] Yeşim Tekstil was foreclosed by Halkbank in 2008 after debts reached $45m.[16] In October 2008 Çağlar agreed to sell the remaining textile companies.[17]
In 2004 Çağlar was sentenced to three years ten months for bank fraud relating to the bankruptcy of Interbank.[18][19] He had initially been acquitted in 2002, but the government appealed.[20]
Referencesedit
^ abTurkish Daily News, 8 January 1997, Turkey's first 24-hour TV news channel begins broadcasts
^TBB, Historical Data about Closed Banks – tbb.org.tr 5 December 2014 at the Wayback Machine
^Turkish Daily News, 15 April 2005, Former minister Çağlar's sentence upheld
^Turkish Daily News, 5 December 2002, Caglar acquitted after four-year trial
External linksedit
Taha Kivanc, Turkish Daily News, 24 January 1999, A Hard Article
April 11, 2024
cavit, çağlar, born, 1944, komotini, greece, turkish, businessman, politician, elected, grand, national, assembly, turkey, tbmm, true, path, party, 1991, serving, minister, state, responsible, state, owned, banks, 51st, 52nd, government, turkey, resigned, from. Cavit Caglar born 1944 Komotini Greece is a Turkish businessman and politician He was elected to the Grand National Assembly of Turkey TBMM for the True Path Party DYP in 1991 serving as a Minister of State responsible for state owned banks 51st and 52nd government of Turkey He resigned from the DYP in 1996 remaining in parliament as an independent until 1999 He had been a major financial contributor to the political comeback of President Suleyman Demirel 1 In 2004 he was sentenced to three years ten months for bank fraud Cavit CaglarVladimir Putin and Cavit Caglar 2017 Minister of stateIn office 1991 1993Personal detailsBorn1944Komotini GreeceNationalityTurkishPolitical partyTrue Path Party Contents 1 Early life 2 Career 3 References 4 External linksEarly life editCaglar was born in Komotini Greece to ethnic Turks moving to Turkey when he was still at school He left school at age 15 when his father died to look after his family He entered the textile business joining his uncle a textile merchant in Bursa With his uncle s support and state loans he built up a large industrial and trade group Nergis Holding which in 1996 had turnover of around 1bn and exports of around 200m Based around textiles by 1996 it also included major real estate investments including in tourist facilities around the Sea of Marmara and publishing and broadcasting ventures including news channel NTV 1 Career editIn 1996 Nergis acquired Cukurova Holding s majority stake in Interbank 2 In December 1997 Etibank was privatised to Medya Ipek Holding co owned by Caglar and Dinc Bilgin for 155m 3 and in September 1998 Caglar was celebrating a 1bn investment in textile production with Demirel opening the new factories 4 In February 1998 police uncovered a plot to assassinate Caglar by a group working for Alaattin Cakici related to the bank privatization 5 On 7 January 1999 Interbank then majority owned by Nergis Holding was transferred to the TMSF 6 It was later merged with Etibank before being liquidated 7 8 Later in January NTV was sold to the Dogus Group 9 In June 1999 prosecutors alleged that in 1998 Interbank had transferred over 650m to Nergis Holding companies far in excess of legal limits for intra group transfers 10 The total amount owed by Nergis to Interbank was said to be over 1 1bn 10 In January 2001 Turkey issued a warrant for his arrest accusing Caglar of using a 7 4m business bank loan for personal use He was arrested in New York in April and agreed to return to Turkey to face trial after a New York court denied a 5m bail application 11 12 13 In 2004 Caglar agreed to pay TMSF 1 6bn for debts relating to Interbank When he failed to keep up payments some of his other companies were seized including his 50 stake in BIS Enerji an electricity generating company in Bursa 14 Hotels helicopters and media assets were also seized and the Nergis Holding textile companies suffered financial difficulties with 785 workers put on unpaid leave for over three months in 2008 15 Yesim Tekstil was foreclosed by Halkbank in 2008 after debts reached 45m 16 In October 2008 Caglar agreed to sell the remaining textile companies 17 In 2004 Caglar was sentenced to three years ten months for bank fraud relating to the bankruptcy of Interbank 18 19 He had initially been acquitted in 2002 but the government appealed 20 References edit a b Turkish Daily News 8 January 1997 Turkey s first 24 hour TV news channel begins broadcasts TBB Historical Data about Closed Banks tbb org tr Archived 5 December 2014 at the Wayback Machine Turkish Daily News 3 December 1997 This time Cavit Caglar buys Etibank Caglar prepares to activate an investment of 1 billion Police uncover plan to assassinate businessman Turkish Daily News 9 January 1999 Interbank taken over by Central Bank Turkish Daily News 17 January 1999 The Week in Perspective Turkish Daily News 19 June 2004 TMSF reaches agreement with former owners of two failed banks Turkish Daily News 13 January 1999 Dogus Group buys NTV a b Turkish Daily News Interbank Fraud Case Entangles Former Politicians Turkish Daily News 30 April 2001 DGM imprisons former minister pending trial Turkish Daily News 22 April 2001 Caglar agrees to waive extradition Turkish Daily News 20 April 2001 US court rejects Caglar s offer to post 5 mln bail Turkish Daily News 19 October 2009 Caglar s plant appetizes energy giants Turkish Daily News 28 March 2008 Nergis workers face further unpaid leave Turkish Daily News 4 January 2008 Yesim Tekstil up for sale Turkish Daily News 8 October 2008 Cavit Caglar s companies up for sale Turkish Daily News Former minister sentenced for bank fraud Turkish Daily News 15 April 2005 Former minister Caglar s sentence upheld Turkish Daily News 5 December 2002 Caglar acquitted after four year trialExternal links editTaha Kivanc Turkish Daily News 24 January 1999 A Hard Article Retrieved from https en wikipedia org w index php title Cavit Caglar amp oldid 1175555503, wikipedia, wiki, book, books, library,
