Business Wire

Koza Altin Welcomes English High Court’s Rejection of Akin Ipek’s Bid to Use Company Money to Fund Extradition Fight

Jaa

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.”

ENDS

Contact information

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

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 jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.

Lue lisää julkaisijalta Business Wire

Orange Acquires Basefarm Holding and Becomes a European Leader in Cloud Computing Services for the Enterprise Sector16.7.2018 10:22Tiedote

Following a competitive tender process initiated by Abry Partners for its stake in Basefarm, the Orange Group, through its enterprise subsidiary Orange Business Services, has announced today the signature of a contract to acquire 100% of the company’s capital for an enterprise value of 350 million euros. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180716005214/en/ Basefarm is a leading European player in cloud-based infrastructure and services, as well as the management of critical applications and data analysis. The company, which recorded revenues of over 100 million euros in 2017, has enjoyed strong growth since 2015. Basefarm has a strong operational presence in several European countries, particularly in Norway, Sweden, the Netherlands, Austria and in Germany, where it boasts a cutting-edge big data activity. Its business proposition lies at the forefront of the most innovative services in cloud computing, Big Data a

Spirit AeroSystems and Norsk Titanium Announce Start of Production Qualification for Commercial Aircraft Parts16.7.2018 10:00Tiedote

Spirit AeroSystems [NYSE: SPR] and Norsk Titanium US Inc. (NTi), have reached an agreement to initiate qualification of Spirit’s first additive-manufactured, titanium, structural component for the Boeing 787. This qualification will validate NTi’s production and industrialization processes, integrate Spirit’s workscope of machining final parts from additively manufactured near-net shapes and verify material and final part conformity to requirements. “Spirit has had a comprehensive and long relationship with Norsk Titanium, and this part will be our first additive structural titanium component incorporated into a commercial airplane program,” said Spirit AeroSystems Senior Vice President of Fabrication and Supply Chain Management, Ron Rabe. NTi is the world’s first FAA-approved, OEM qualified, supplier of additive-manufactured, structural titanium components. NTi’s proprietary Rapid Plasma Deposition™ (RPD™) process has been in serial production of Boeing 787 titanium components since A

New Study Investigates the Utility of Masimo PVi® as Part of Goal-Directed Fluid Management in Patients Undergoing Colorectal Surgery16.7.2018 08:00Tiedote

Masimo (NASDAQ: MASI) announced today the findings of a recently published study in which researchers at Kocaeli University in Turkey compared the performance of conventional fluid management (CFM) to goal-directed fluid management (GDFM) using Masimo PVi® (pleth variability index, measured noninvasively and continuously using SET® pulse oximetry sensors) in patients undergoing elective colorectal surgery. The primary points of comparison were the amount of crystalloids administered and blood lactate and serum creatinine levels during the intraoperative period.1 This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180715005048/en/ Masimo Radical-7® with PVi®, SpHb®, and RD rainbow SET™ Sensor (Photo: Business Wire) In the study, Dr. Cesur and colleagues, noting the importance of intraoperative fluid management in terms of postoperative organ perfusion and complications, sought to compare the effects of CFM (guided by clinical asse

Alipay and Singapore Tourism Board join hands to boost Chinese tourist spending16.7.2018 05:00Tiedote

Alipay, the world’s leading mobile and online payment and lifestyle platform operated by Ant Financial Services Group, together with the Singapore Tourism Board (STB), have launched a series of joint marketing initiatives aimed at raising destination awareness of Singapore and driving tourist spending among Chinese visitors. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180715005021/en/ Alipay and STB signed a Memorandum of Understanding (MOU) in September 2017 to enhance Chinese tourists’ overall experience in Singapore. Under the MOU, both parties agreed, among other things, to explore co-investing in joint-marketing initiatives to encourage Chinese tourists to spend with Alipay while in Singapore. Since signing the MOU, Alipay has experienced double-digit growth in user spending. China has also become Singapore’s top market in 2017 for both tourism receipts and visitor arrivals, contributing S$4.2 billion in tourism rece

Koza Altin Welcomes Court’s Rejection of Akin Ipek’s Share Purchase Agreement13.7.2018 18:58Tiedote

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

Mindbreeze Positioned in the Leaders Quadrant of the Gartner’s 2018 Magic Quadrant for Insight Engines13.7.2018 18:27Tiedote

Mindbreeze, a leading global provider of appliances and cloud services for information insight and applied artificial intelligence with a focus on knowledge management for leading international companies, announced today that Gartner, Inc. has positioned Mindbreeze in the Leaders quadrant of the 2018 Magic Quadrant for Insight Engines. Mindbreeze is positioned highest on the ability to execute axis. The research and advisory firm Gartner, Inc. evaluated 13 different providers from all over the world. “Understanding the meaning of information is a key priority for today’s customers. Mindbreeze InSpire leverages the full power of our sophisticated AI engine to provide actionable insights and answers ̶ not just more data. Seeing our position in the Magic Quadrant, my first reaction was ‘AWESOME’. Insight Engine was positioned the highest on the ability to execute axis and we believe that's exactly what sets us apart from our competitors. We made the bold move to focus on product innovatio

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