11th Feb 2015 14:51
LONDON (Alliance News) - The Ottoman Fund Ltd's former chief financial officer in Turkey has removed the equivalent of USD1.35 million net from its Turkish subsidiaries, according to a forensic review conducted by BDO LLP.
The investment company said it has retained White & Case's affiliated local law firm in Istanbul as well as a Turkish criminal attorney to obtain civil and criminal redress against the former CFO.
"The company has also brought suit against him in the Royal Court of Jersey and has obtained a worldwide freezing order and a default judgement," Ottoman Fund said in a statement.
On December 19 last year, the company said it had appointed forensic accountants to investigate unauthorised expense payments made from its Turkish subsidiaries.
The stock was untraded on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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