Koza Altin Welcomes English High Court’s Rejection of Akin Ipek’s Bid to Use Company Money to Fund Extradition Fight
2nd July 2018 - An English High Court judge has delivered another legal blow to Akin Ipek – blocking his attempt to use Koza Ltd to fund his attempts to resist extradition to Turkey, where he faces criminal charges.
Mr Justice Morgan also ruled that, contrary to Mr Ipek’s own submissions, he appears to have sufficient funds of his own to pay his legal fees. The Judge made clear that Koza Ltd’s purpose was not to fund Mr Ipek’s personal legal battles when he can afford to do so himself. The ruling came after bank statements and other evidence were placed before the court indicating that tens of millions of dollars worth of funds had been hidden away by Mr Ipek.
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.
This month’s ruling relates to an attempt by Mr Ipek in the meantime to use Koza Ltd’s funds to finance a separate attempt on his part to resist extradition to Turkey. This attempt has now been blocked by Mr Justice Morgan.
Koza Altin’s case in the underlying litigation 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 in order to protect Koza Altin and its assets for the benefit of its shareholders and in accordance with its regulatory obligations. Specifically, the company is taking action to ensure that around £60m of shareholders’ capital 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, entirely consistent with Koza Altin’s responsibilities as an entity strictly regulated by the relevant independent authorities. Koza Altin takes seriously its obligations under capital markets laws and other laws and regulations in Turkey. It will take whatever steps are necessary to protect shareholders.
The action 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 58%. Koza Altin also follows the requirements of the Capital Market Board which is the regulatory authority for the Turkish capital markets.
Koza Altin’s position is that the changes made to Koza Ltd’s constitution by Mr Ipek in September 2015 were invalid and improper. Specifically, he bestowed upon himself and his brother, at a total cost of £2, rights to control a company wholly owned by Koza Altin, and in possession of then around £60m, whose transfer from Koza Altin Mr Ipek had previously arranged. This move caused Koza Altin to lose control over Koza Ltd completely. The need to take legal action to protect Koza Altin and its public shareholders in this situation is obvious. It believes the UK court will uphold its position.
Contrary to what Mr Ipek attempts to claim in these proceedings, neither Koza Altin nor any of its assets has been seized or expropriated by the Turkish state. The changes at Koza Altin’s management have not damaged the company’s interests in any way, and have been welcomed by investors, including a number of international institutional investors. This is clearly evidenced by the company’s share price, which has risen since Mr Ipek’s removal.
The court-imposed changes in management at Koza Altin are designed to preserve assets and evidence. The former trustees were appointed in October 2015 by the Turkish Criminal Court, in accordance with the Turkish Criminal Procedure Code, on the basis of a suspicion by the court of money laundering and terrorist financing.
Hugo Plowman, partner at Mishcon de Reya and Koza Altin’s legal adviser, said:
“These proceedings ultimately derive from an attempt by Mr Ipek to resist his removal from the Board of Koza Ltd. The process of removing him was initiated entirely lawfully in 2016 by Koza Altin, Koza Ltd’s parent company, and is the subject of ongoing litigation. We are confident in our legal case and welcome this latest ruling in Koza Altin’s favour.
“Koza Altin refutes the various allegations put forward by Mr Ipek in resisting his removal. In the meantime Mr Justice Morgan’s ruling makes clear that he needs to pay the costs relating to the extradition process himself, and stop trying to use Koza Ltd as his personal piggy-bank.”
Conal Walsh/Isabelle Saber
+44 (0)20 7250 1446
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
Telna Launches New eSIM Solution at MWC Barcelona 201924.2.2019 03:00:00 | Tiedote
Telna, a vertically integrated Network-as-a-Service (NaaS) provider of global end-to-end connectivity solutions, today is adding eSIM technology to its platform. The new resilient and efficient eSIM architecture will be showcased at Mobile World Congress Barcelona 2019, from February 25th - February 28th at Telna’s booth in Hall 1, Stand 1B80. “eSIM technology is another example of a global trend in digital transformation set to disrupt cellular connectivity,” says Gregory Gundelfinger, CEO of Telna. “Our customers now have access to both Consumer and IoT/M2M eSIM that is bundled with the rest of our software-defined network services.” eSIM is an embedded SIM card, meaning there is no physical SIM card and no physical swapping of SIM cards. It's easy to add data plans and is endorsed by the GSMA. “The virtualization of the SIM card removes one of the largest barriers when switching between networks, the physical SIM card,” says Gundelfinger. The Telna eSIM allows users to access their
Hilton Launches New Brand, Signia Hilton, Delivering Sophisticated Travel While Reimagining Meetings and Events22.2.2019 20:00:00 | Tiedote
Hilton (NYSE: HLT) today announced the launch of Signia Hilton, its dynamic, new meetings-and-events-focused brand. The portfolio of hotels is setting out to transform the industry for meeting professionals and sophisticated business travelers by infusing state-of-the-art technology and design into every aspect of the guest experience. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190222005071/en/ The brand further reinforces Hilton’s commitment to innovation that meets the evolving needs of today’s travelers and will bring premium experiences to top urban and resort destinations around the world. “In our 100th year of hospitality, we are more focused than ever on providing exceptional experiences to all of our guests – and that includes evolving those experiences to meet their changing needs,” said Christopher J. Nassetta, president and CEO, Hilton. “We are proud to launch Signia Hilton, which exemplifies our innovative sp
Axonics® Granted Expanded CE Mark Label; First and Only Sacral Neuromodulation System Approved for Use with Full-Body MRI Scans22.2.2019 19:30:00 | Tiedote
Axonics Modulation Technologies, Inc. (NASDAQ: AXNX), a medical technology company focused on the development and commercialization of novel implantable Sacral Neuromodulation (“SNM”) devices for the treatment of urinary and bowel dysfunction, announced today that it has received CE mark approval for 1.5T and 3T full-body magnetic resonance imaging (“MRI”) conditional labeling for the Axonics r-SNM® System. The Axonics r-SNM System is the only implantable SNM system that has received full-body MRI conditional labeling for sale in Europe1. Raymond W. Cohen, Chief Executive Officer of Axonics, said, “Without this labeling, any patient requiring an MRI scan on any body part below the head must have their neurostimulator surgically explanted prior to the MRI scan, resulting in an additional surgery for the patient and additional costs to patients and the healthcare system. This authorization of full-body MRI scans in Europe is another important milestone for Axonics, differentiating our te
Fantastec Joins Forces with Arsenal FC Launching Official Blockchain Collectibles App22.2.2019 17:30:00 | Tiedote
Fantastec announced today its first football licensing agreement with Premier League club Arsenal FC for a new blockchain authenticated collectibles app called Fantastec SWAP. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190222005277/en/ Arsenal players appear on Fantastec SWAP in official licensing deal (Graphic: Business Wire) London-based Fantastec is a leading sports fan technology innovator, and its blockchain based ‘SWAP’ app will have broad appeal to global sports fans, gamers and sports card collectors alike. Fantastec SWAP unlocks unique and authentic club content through the app, like player autographs and exclusive footage. With its innovative blockchain technology, fans around the world can now discover, collect and swap officially licensed club collectibles with other fans with complete trust. “Fantastec SWAP is a game-changer for international football fans as well the sports collectibles industry,” commented
Volkswagen Protects Virtual Key Sharing App with Trustonic Application Protection22.2.2019 16:42:00 | Tiedote
Volkswagen is working with mobile cyber security leader Trustonic to enable customers to use smartphones to access their vehicles, and to securely share their digital car keys to grant access to others via a smartphone app. Volkswagen is using the Trustonic Application Protection (TAP) platform to secure the mobile app and ensure that sensitive information and key transfer requests are securely displayed to, and approved by, a real authenticated user on a trusted device and not by hackers or malware simulating a user or device. “The smartphone is becoming the vehicle key of the future and our We Connect service is the interface for this today in the new Volkswagen Passat,” comments Alf Pollex, Head of Infotainment and Connected Car at Volkswagen AG. “The user installs the We Connect app on their smartphone which is then authorized via the infotainment system with a Transaction Number. The Mobile Key will be compatible with Android-based Samsung devices. No mobile network connection is
Mundipharma EDO GmbH: US FDA grants Orphan Drug Designation for etoposide toniribate in relapsed/refractory biliary tract cancer22.2.2019 16:30:00 | Tiedote
Mundipharma EDO GmbH, part of the Mundipharma network of independent associated companies, and Imbrium Therapeutics L.P., an operating subsidiary of Purdue Pharma L.P., today announced that the US FDA has granted Orphan Drug Designation (ODD) to etoposide toniribate for the treatment of relapsed/refractory biliary tract cancer, also known as cholangiocarcinoma.3 This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190222005126/en/ Biliary tract cancer is a rare tumour with approximately 8,000 patients diagnosed in the US every year and 10,571 in Europe.4,5 The FDA grants ODD status to medicines intended for the treatment, diagnosis or prevention of rare diseases or disorders that affect fewer than 200,000 people in the US. Radical surgery is the only curative treatment for biliary tract cancer but, in most cases, the cancer is inoperable. Patients who fail first-line chemotherapy have limited treatment options and the standard of
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