Ottoman Fund suspended while it sorts out fraud

Ottoman Fund has made the following statement today:

The Company announces that trading in the Company’s ordinary shares on AIM will be suspended with immediate effect pending publication of the Company’s half-yearly report for the six months ended 29 February 2016.  The board remains in negotiations seeking to recover shareholder funds that have been embezzled as well as other legal issues in Turkey.  As disclosed in the Company’s 2015 Annual Report and Accounts this includes a loan held by Mandalina of approximately GBP1 million that the board believes is held in a Turkish bank account, and civil and criminal proceedings against the Company’s former chief financial officer for approximately GBP1 million. Both these issues have reached a critical stage which has created a material uncertainty with regard to the publication of the Company’s half-yearly report. 

The board is working hard to get clarity on these points as soon as possible in the interests of shareholders, following which it expects to be able to publish its half-yearly report and resume trading on AIM.”

OTM : Ottoman Fund suspended while it sorts out fraud

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