Ottoman Fund has announced that BDO LLP has finished a forensic review of the books and records of Ottoman’s Turkish subsidiaries and has determined that the Company’s former Chief Financial Officer in Turkey has removed from the Company’s Turkish subsidiaries the net amount in Turkish Lira equivalent to US$1.35 million as of 10 February 2015 exchange rates.
As a next step, the fund has retained White & Case’s local affiliated law firm in Istanbul and a Turkish criminal attorney to obtain civil and criminal redress against the former Chief Financial Officer. Ottoman Fund has also brought suit against him in the Royal Court of Jersey and has obtained a worldwide freezing order and a default judgment.
Further announcements will be made in due course.
OTM : Ottoman Fund fraud update