20th Jan 2016 15:50
LONDON (Alliance News) - The Ottoman Fund Ltd on Wednesday said it has now repatriated the remaining proceeds from the sales of its Riva and Bodrum assets to Jersey.
The move was achieved through loan agreements with the company's Turkish subsidiaries.
In total, USD9.1 million has been repatriated and converted to sterling, meaning the company holds GBP6.8 million in Jersey bank accounts.
About USD1.7 million is in Turkey, USD1.6 million under the control of Mandaline, the Turkish legal entity that owned and sold the Alanya units, and USD100,000 being the minimum capital requirement for the two Turkish legal entities that had owned the Riva and Bodrum assets.
"The company continues its efforts to recover the money held in Mandalina as well as funds that the company's former chief financial officer embezzled," The Ottoman Fund said.
"The company is working with its Turkish tax, legal and accounting advisors to determine its ability to distribute cash to its shareholders," The Ottoman Fund added.
Shares in The Ottoman Fund were untraded at 5.50 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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