Interbank trial begun

       The trial of 37 defendants including Interbank owner Cavit Caglar and 9
       other executives related with the turnover of ailing Interbank to the
       Savings Deposit Insurance Fund (TMSF) has begun at the Bursa 3rd Penal
       Court. The court has ordered to lift the prohibitions of eight of the
       defendants preventing them from leaving the country, including Cavit
       Caglar.
       Defendants are being tried for prison sentences ranging from 8 to 15 years,
       as well as the obligation to cover the debts incurred by Interbank. Mustafa
       Caglar, Cavit Caglar?s son, was the first to present his written defence. In
       his three page statement, Caglar pleaded not guilty. Cavit Caglar did not
       attend the hearing, though it was noted that he had given his sentence to
       the Gemlik Penal Curt where he resides.
       Interbank?s attorney Oztunc said the letters of guarantee given to the bank
       for the credits taken out by Cicek Textile were insufficient and said these
       companies even though they claimed to do $300 million worth of exports, were
       fictional.
       Cicek Textile executive Selamet, on the other hand said they had paid
       credit taken from Interbank to Nergis Holding in exchange of goods. Other
       defendants verified Selamet's sentence.
       A further trial date was set for the case, in order for the documentation to
       be completed.