Press TV- A Turkish official has cited police as saying that an Iranian gunned down in the Turkish city of Istanbul on Saturday had been involved in a �money dispute.�

Iranian Saeed Karimian and a Kuwaiti business partner of his were driving through the Sariyer district of Istanbul on Saturday when unknown assailants stopped their car and opened fire on them, according to local sources.

The sources said Karimian, who owned satellite television network GEM TV, died on the spot, and his Kuwaiti companion later succumbed to his wounds in the hospital.

Sukru Genc, the mayor of the Sariyer district where the incident occurred, confirmed the killing and said police investigators had told him that Karimian �had been killed because of �a dispute over money,�� The New York Times reported on Sunday.

Genc did not elaborate. The Iranian reportedly had a wide network of business partners from the Emirates to Malaysia.