31st May 2016 09:58
LONDON (Alliance News) - Shares in Ottoman Fund Ltd were suspended from trading on London's AIM on Tuesday, pending publication of the company's first-half results for the six months to the end of February.
Ottoman Fund said it remains in negotiations seeking to recover shareholder funds that have been embezzled as well as other legal issues in Turkey.
The issues include a loan held by Mandalina of about GBP1 million that Ottoman Fund believes is held in a Turkish bank account, and civil and criminal proceedings against Ottoman Fund's former chief financial officer for about GBP1 million.
"Both these issues have reached a critical stage which has created a material uncertainty with regard to the publication of the company's half-yearly report," Ottoman Fund said in a statement.
"The board is working hard to get clarity on these points as soon as possible in the interests of shareholders, following which it expects to be able to publish its half-yearly report and resume trading on AIM," the company said.
By Samuel Agini; [email protected]; @samuelagini
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