Ottoman Fund Limited (The) Market Update (0712L)
07 1월 2016 - 4:00PM
UK Regulatory
TIDMOTM
RNS Number : 0712L
Ottoman Fund Limited (The)
07 January 2016
The Ottoman Fund Limited
Market Update
The Ottoman Fund Limited ("the Fund") continues with its efforts
to recover money embezzled from the Fund's Turkish subsidiaries
(collectively along with the Fund, "the Company") and to repatriate
the Company's remaining capital from Turkey to Jersey.
The Company has retained civil and criminal lawyers in Turkey
and is proceeding in accordance with their advice in its efforts to
recover the embezzled funds.
The Company continues with its efforts to repatriate its
remaining sale proceeds through a loan agreement between the
Turkish subsidiaries and the Fund but Garanti Bank, which controls
the subsidiary bank accounts, has so far failed to follow the
Company's instructions. The Company has retained criminal counsel
in Turkey and expects to file a criminal action should the money
not be returned forthwith.
Once the money is returned to Jersey, the Fund will ensure that
the Company's lawful obligations in Turkey, including tax
liabilities, are met, and the remainder will then be distributed to
shareholders as soon as practicable. The Company has retained
Turkish tax advisors to advise on quantifying any tax liabilities
as well as a new auditor.
Because most of the Company's assets are located in Turkey and
that is where the fraud occurred the Company is dependent on the
work of its Turkish legal advisors and the transparency and
efficiency of the Turkish legal system in the board's efforts to
recover embezzled funds, repatriate capital and wind up the
Company. Shareholders are reminded that the Turkish legal system is
different from systems with which shareholders may be more
familiar, as noted in the Fund's offering document, and these
differences may affect the timing and quantification of possible
future recoveries.
The Fund will make further announcements in due course and
expects to release its final results for 2015 no later than the end
of February.
Enquiries:
N+1 Singer 020 7496 3000
James Maxwell
Company Secretary: Vistra Fund Services Limited 01534 504 700
This information is provided by RNS
The company news service from the London Stock Exchange
END
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