Infamous Turkish tycoon to remain imprisoned in Austria

Infamous Turkish business tycoon Sezgin Baran Korkmaz will remain imprisoned in Austria and the next hearing of his case will be held on Aug. 5.

Monday July 05 2021 02:09 pm

Duvar English

An Austrian court has ruled for the continued imprisonment of Turkish tycoon Sezgin Baran Korkmaz, who was arrested in the country upon the United States' request on June 19.

During the hearing on July 5, a Wels Court rejected Korkmaz's request to be released on the grounds that he may flee, commit crimes and tamper with evidence.

According to Demirören News Agency, the court received only the extradition request, including the accusations against Korkmaz, from the U.S., but the case file was not received.

Korkmaz is accused of money laundering by Turkey and the U.S. Both countries seek his extradition.

He was reportedly asked to defend himself in the face of both countries' accusations. He denied all accusations and demanded his release.

The businessman previously demanded his extradition to Turkey.

The U.S. Justice Department on June 21 said that the indictment accuses Korkmaz of having laundered over $133 million in fraud proceeds through bank accounts that he controlled in Turkey and Luxembourg.

"The proceeds allegedly related to a scheme by Jacob Kingston, Isaiah Kingston, and Levon Termendzhyan to defraud the U.S. Treasury by filing false claims for over $1 billion in refundable renewable fuel tax credits for the production and sale of biodiesel by their company, Washakie Renewable Energy LLC, in Plymouth, Utah," the U.S. Justice Department said.

Korkmaz and co-conspirators allegedly used the proceeds from the alleged scheme to buy the Turkish airline Borajet, hotels in Turkey and Switzerland, a yacht named the Queen Anne and a villa and an apartment on the Bosphorus in Istanbul, the statement said

The next hearing of the case in Austria will be held on Aug. 5.