The Ottoman Fund has announced that it has settled all claims with its former finance director, Ahmet Sinan Kalpakçıoğlu, who it says embezzled money from several of the Company’s Turkish subsidiaries. According to The Ottoman Fund, Ahmet Sinan Kalpakçıoğlu has transferred the shares in Mandalina registered in his name to the Company, discontinued all litigation against the Company and repaid $250,000 of the embezzled money. The Ottoman Fund says that, in turn, it has agreed to discontinue all litigation against Ahmet Sinan Kalpakçıoğlu and that this development should enable the Company to make a final distribution and wind up the Ottoman structure. The Ottoman Fund says that the timing of a future announcement concerning the amount and timing of the distribution will largely depend on BDO’s review of Mandalina’s records for tax and other issues as well as the Company’s payment of various obligations. The Company says that it cannot now predict when this review will be completed, or the timing of any future distributions, but will keep the market apprised of material developments.
About The Ottoman Fund
The Ottoman Fund seeks to generate substantial total returns by investing in real estate projects in Turkey. The Fund, which raised £150 million on launch in December 2005, is listed on the AIM market in the United Kingdom, and its investment scope includes land purchase, joint venture projects with developers and bulk forwarding financing purchases of units, primarily in the residential sector. It invests in properties aimed at both the local and tourist markets.
The Ottoman Fund settles dispute with former CFO : OTM