Business Wire

Koza Altin Welcomes Court’s Rejection of Akin Ipek’s Share Purchase Agreement

Jaa

A Turkish Court has found against businessman Akin Ipek this week – ruling that a share purchase agreement, which he had submitted as vital evidence in support of his case against the Turkish state, is null and void.

The matter was brought to the Ankara Commercial Court in March 2017 by Koza Holding (parent company of Koza Altin) which, according to Mr Ipek’s share purchase agreement, purportedly transferred all of its shares to Ipek Investment Limited. Koza Holding filed the lawsuit for legal recognition that the share purchase agreement is void.

The ruling in Turkey follows on from an earlier judgment set down by the English High Court, which rejected Mr Ipek’s attempt to use up to £3m of UK subsidiary Koza Ltd’s money to fund a claim against the Turkish State at the International Centre for Settlement of Investment Disputes (ICSID).

In the English ruling, Deputy Judge Richard Spearman QC declared the “authenticity” of the share purchase agreement as “open to very serious doubt”. The finding followed arguments in court from Koza Altin that the document had all the hallmarks of a forgery.

Judge Spearman also found that, even if the share purchase agreement was found to be genuine, there was an “essential artificiality” to the transaction which would not qualify it as an international investment for the purposes of an ICSID arbitration – expressing doubt that Mr Ipek’s proposed international arbitration would succeed, even if he were granted funding.

As a consequence, the Judge found an ICSID tribunal would likely dismiss any such claim on the basis that it would have no jurisdiction to hear it. Despite this ruling, Mr Ipek filed a claim with ICSID in March 2018.

In July 2018, the English High Court also blocked Mr Ipek’s attempt to use Koza Ltd to fund his attempts to resist extradition to Turkey, where he faces criminal charges.

Koza Ltd is a UK based private company which is wholly-owned by Koza Altin, a publicly-listed company in Ankara. Koza Altin has initiated a process to remove Mr Hamdi Akin Ipek from the Board of Koza Ltd.

Mr Ipek is resisting his removal in the English Courts, and the issue is the subject of ongoing litigation. That litigation is separate from Mr Ipek’s ICSID action, and from his attempt to fight extradition from the UK.

In the litigation before the English and Turkish courts, Koza Altin’s case is that Mr Ipek and Koza Ltd are seeking to prevent Koza Altin from exercising its rights as shareholder of Koza Ltd. Koza Altin is seeking the removal of Mr Ipek as a director of Koza Ltd, its UK subsisiary, in order to protect Koza Altin and its assets, during the course of a criminal investigation into Mr Ipek, for the benefit of its shareholders and in accordance with its regulatory obligations. Specifically, the company is taking action to ensure that shareholders’ capital originally amounting to £60m held by Koza Ltd cannot be improperly taken out of the company and used for Mr Ipek’s personal interests.

This is a matter of sensible corporate governance, and is taken for the benefit of all of Koza Altin’s shareholders - including funds, banks and other Turkish and international investors who directly own 30% of Koza Altin and indirectly own a majority of around 58%.

ENDS

Contact information

Powerscourt
Media enquiries
+44 (0)20 7250 1446
Conal Walsh
or
Isabelle Saber

Tietoja julkaisijasta

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Tilaa tiedotteet sähköpostiisi

Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.

Lue lisää julkaisijalta Business Wire

Pierre Fabre Receives EU Approval for BRAFTOVI® (encorafenib) + MEKTOVI® (binimetinib) in Adult Patients with Advanced BRAF-Mutant Melanoma20.9.2018 20:21Tiedote

Pierre Fabre today announced that the European Commission (EC) has granted marketing authorisation for the combination of BRAFTOVI® (encorafenib) and MEKTOVI® (binimetinib) for the treatment of adult patients with unresectable or metastatic melanoma with a BRAF V600 mutation, as detected by a validated test.1,2 The EC decision is applicable to all 28 European Union (EU) member states plus Liechtenstein, Iceland and Norway. "We are extremely pleased that European patients with advanced BRAF-mutant melanoma will now have the combination of BRAFTOVI and MEKTOVI as a new treatment option”, said Frédéric Duchesne, President & CEO of the Pierre Fabre Pharmaceuticals Division. “All of us at Pierre Fabre are driven to make a real difference for patients. Bringing more than 30 years of oncology experience and our heritage in dermatology to our partnership with Array BioPharma, we have been able to harness our expertise in order to help men and women living with this devastating disease. Today’s

Clothesource Report Shows Retail Sales Aren’t Falling or Moving Online: Management’s Let Itself Get Misguided20.9.2018 20:19Tiedote

According to a new Clothesource report, “The Emperors’ Clothes” retail sales aren’t falling, and they’re not leaving physical stores. Both the UK’s Office of National Statistics and the US Bureau of the Census report higher retail sales than ever – with sales in physical stores still growing every year. Retailers just need to rely on their own customer understanding, recapture their self-confidence, and rediscover their traditional frugality. Among recent front-page stories have been Sears in the US hinting it’s about to go under and profits at Britain’s John Lewis falling 99%. But the well run clothing retailers are prospering. Primark goes from strength to strength: the biggest clothing specialists on either side of the Atlantic (Inditex and TJX) have just upped their sales and profit forecasts. So it’s not about consumer purchasing: The main problem lies with management, says Clothesource CEO Mike Flanagan in a new report “The Emperors’ Clothes”. They’ve lost touch with their custom

BCW Names Latin America Market Leaders20.9.2018 19:23Tiedote

BCW (Burson Cohn & Wolfe), a leading global communications agency, today announced the appointment of market leaders in Latin America who will be responsible for business growth, client satisfaction and talent development. All market leaders report to Francisco Carvalho, President, Latin America, BCW. “BCW has a dominant presence in Latin America, thanks to Burson-Marsteller’s 40-year-history and expansive footprint across the region and Cohn & Wolfe’s strength in Brazil and Mexico,” said Carvalho. “This team has unmatched market knowledge, strong client relationships and deep commitment to talent, all of which is critical for our continued success in the region. Those strengths, together with our industry-leading expertise in delivering digitally driven integrated communications programs, make BCW a powerful partner for our clients.” All of BCW’s Latin America market leaders have been drawn from the legacy Burson-Marsteller organization and had been leading their respective markets, e

NavVis Achieves Breakthough 6D SLAM Indoor LiDAR Mapping With Velodyne’s 3D LiDAR Sensor20.9.2018 17:43Tiedote

On April 18th, 2018, NavVis released their M6, a fully-integrated, cart-based system designed for large-scale indoor mapping. The M6 utilizes VLP-16 sensors by Velodyne LiDAR, Inc., which allows it to produce a 3D map of the surrounding environment. Six cameras capture 360° immersive imagery and photorealistic point-clouds, resulting in high-resolution mapped images. NavVis developed this product in response to their customers’ request for a more versatile and sophisticated system which could be used effectively with uneven terrain. In addition to AEC professionals, construction companies and manufacturers can also draw benefits from the higher data quality provided by this enhanced innovation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180920005560/en/ NavVis M6 is a fully-integrated, cart-based system designed for large-scale indoor mapping. (Photo: Business Wire) The M6 was developed by NavVis after customers requeste

Steve Bannon’s New Documentary Film Trump @War Launches Free Online Access20.9.2018 17:34Tiedote

Trump @War in conjunction with its online distribution partner, The Western Journal, is pleased to announce that the full length HD feature film Trump @War is free and available to viewers worldwide at Trumpmovienow.com. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180920005553/en/ Watch free full-length feature film: trumpmovienow.com (Photo: Business Wire) “The Western Journal does great work and we are happy they are partnering with us,” stated Stephen K. Bannon. “It’s a film that every American, regardless of political belief, should watch. It’s a historic time for our country, and no one should be sitting on the sidelines during the upcoming elections.” Directed by Bannon and produced by Dan Fleuette, Trump @War is a retelling of the most significant election campaign in modern U.S. history and a look forward to the high-stakes midterm election in November 2018, which will cement President Trump’s legacy. “Steve Banno

GTIS Partners Grabs Top Spots in Prestigious GRESB Sustainability Ranking20.9.2018 17:24Tiedote

GTIS Partners LP (“GTIS”), a real assets investment firm headquartered in New York City, with offices in São Paulo, Los Angeles, San Francisco, Atlanta, Paris and Munich, today announced that the GTIS Brazil Real Estate Fund (“GTIS Brazil Real Estate Fund I”) has been recognized as 2018’s most sustainable private equity real estate investment fund in South America by the Global Real Estate Sustainability Benchmark (GRESB). This is the fourth year running the fund has clinched the top ranking. GTIS Brazil Real Estate Funds II and III took second- and third-place honors, respectively, matching the funds’ 2017 survey rankings. “Our across-the-board top-place rankings are a testament to the day-in, day-out efforts of the entire GTIS Brazil team, who’ve incorporated environmental, social and governance principles into their investment and management practices,” said Josh Pristaw, Senior Managing Director, Head of Capital Markets and Co-head of Brazil at GTIS Partners. “What we’re most proud

Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.

Tutustu uutishuoneeseemme