29th May 2015 09:52
LONDON (Alliance News) - The Ottoman Fund Ltd on Friday said it has entered into a deal to sell its remaining assets and will then start looking to distribute its remaining cash.
The Turkish property investment company said it will sell its stake in the Alanya Turkish property loan for EUR630,000 and will then take the steps to transfer its cash assets to Jersey for distribution to shareholders.
The company added it is still trying to recover the USD1.35 million allegedly embezzled by its former chief financial officer. It is preparing a case against the former CFO and said it intends to ensure the case "receives wide publicity in Turkey".
In the half-year to the end of February, the company said it made a pretax profit of GBP1.5 million, compared to a GBP1.2 million profit a year earlier.
Shares in Ottoman were untraded Friday, having last traded at 5.75 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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