Fugitive businessman Korkmaz remanded in custody

Fugitive businessman Korkmaz remanded in custody

Fugitive businessman Korkmaz remanded in custody

An Austrian court has ruled for fugitive Turkish businessman Sezgin Baran Korkmaz to remain in custody until the next hearing scheduled for Aug. 5.

Korkmaz, who had been sought for money laundering allegations by both Turkey and the United States, was arrested on June 19 in Austria at the request of the U.S.

The fugitive businessman appeared before the court in the Austrian city of Wels on July 5 for the second time.

Korkmaz demanded his release but did not respond to the accusations directed against him, Demirören News Agency reported.

The court, however, decided to continue Korkmaz’s detention until the next hearing in early next month due to suspicion that he may flee and tamper with evidence.

Both Turkey and the U.S. are seeking the extradition of the businessman.

Korkmaz fled from Turkey in early December 2020 amid investigations by Turkey’s Financial Crimes Investigation Board (MASAK) into Korkmaz’s companies over money laundering allegations.

Authorities found that Korkmaz’s companies were involved in the $132-million money laundering scheme in Turkey.

U.S. prosecutors also allege that Korkmaz laundered more than $133 million in fraud proceeds through bank accounts that he controlled in Turkey and Luxembourg.

The Austrian court will look into the extradition requests filed by both Turkey and the U.S. The court will either release him or rule for his extraction to either Turkey or the U.S.