Credit Europe Bank has been accused of dealing in illegal activities, including money laundering, highlighting the Central Bank of the Netherland’s (De Nederlandsche Bank, DNB) complacency in their investigations. Billionaire Husnu Ozyegin’s Credit Europe Bank could face a steep battle ahead.
In March, Exposed Foundation wrote an article regarding an ongoing dispute with Credit Europe Bank (CEB) and a whistleblowers allegations that the bank was involved in illegal activities, including money laundering. Amongst other alleged activity, the owner of the bank Husnu Ozyegin was accused of using the banks money to fund illegal loans to purchase ships. The banks owners Husnu Ozyegin and his son Murat, used shell companies in Malta and Liberia to hide these transactions.
Husnu Ozyegin is a billionare and one of the wealthiest people in Turkey, He founded Finansbank in 1987 which evolved into Credit Europe Bank and is now under the Fiba Group /Holding umbrella.
Fiba Group has investments in energy, retail, tourism, real estate and asset management sectors and is one of the largest Turkish company’s worldwide. Husnu Ozyegin is even listed in Forbes Magazine – one has to also note that the Ozyegin name appears many times in the Panama Papers.
The matter of corruption was brought to the attention of De Nederlandsche Bank (DNB) – the Dutch Central Bank – back in 2015 with a meeting between a whistleblower and Olivier Houppermans who was representing DNB. The matter seemed to be overlooked as Murat Ozyegin remained on the board of directors during and after 2015.
This most recent ruling from the Supreme Court of the Netherlands has stated that all previous hearings in the lower courts have been incorrect in their judgement to not allow witnesses to be heard in the case.
This is a major development for the whistleblower – in the majority of the cases proceeding a supreme court ruling the next court of appeal will adhere to the ruling of the nation’s highest court – which will mean witnesses will be called.
Why has Credit Europe Bank been so adamant in their fight at previous court cases to try to stop witnesses to be heard? Are we witnessing another cover up?
There is no confirmation on names of witnesses that will be summoned, but one would assume there will also be many questions around DNBs handling of the case and whether they maintained European banking standards. Will another billionaire banker be found guilty of past indiscretions? What will these witnesses uncover? What does this mean for European banking standards?
The case has now been sent to the Court of Appeal of The Hague for further consideration and decision.
Exposed Foundation will provide updates to this story as it develops