7th Jan 2016 09:06
LONDON (Alliance News) - The Ottoman Fund Ltd on Thursday said it is continuing to work on recovering money embezzled from its Turkish subsidiaries and to repatriate its remaining capital to Jersey from Turkey.
The fund said it has retained civil and criminal lawyers in Turkey and is working to recover the embezzled funds, totalling about USD1.4 million.
It also is continuing to work on repatriating its remaining sales proceeds through a loan agreement between its Turkish subsidiaries and the parent fund, but Turkey-based Garanti Bank, which controls the subsidiary's bank accounts, has thus far not complied with this.
Ottoman Fund said it has retained criminal counsel in Turkey and expects to file a criminal action should the sales proceeds not be returned in the near future.
Once this money has been returned and all its lawful obligations in Turkey are met, the company intends to distribute the funds to shareholders.
Ottoman shares were down 6.1% to 5.75 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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