For immediate release
7 January 2016

Market Update

The Ottoman Fund Limited ("the Fund") continues with its efforts to recover money embezzled from the Fund’s Turkish subsidiaries (collectively along with the Fund, "the Company") and to repatriate the Company’s remaining capital from Turkey to Jersey.

The Company has retained civil and criminal lawyers in Turkey and is proceeding in accordance with their advice in its efforts to recover the embezzled funds.

The Company continues with its efforts to repatriate its remaining sale proceeds through a loan agreement between the Turkish subsidiaries and the Fund but Garanti Bank, which controls the subsidiary bank accounts, has so far failed to follow the Company’s instructions. The Company has retained criminal counsel in Turkey and expects to file a criminal action should the money not be returned forthwith.

Once the money is returned to Jersey, the Fund will ensure that the Company’s lawful obligations in Turkey, including tax liabilities, are met, and the remainder will then be distributed to shareholders as soon as practicable. The Company has retained Turkish tax advisors to advise on quantifying any tax liabilities as well as a new auditor.

Because most of the Company’s assets are located in Turkey and that is where the fraud occurred the Company is dependent on the work of its Turkish legal advisors and the transparency and efficiency of the Turkish legal system in the board’s efforts to recover embezzled funds, repatriate capital and wind up the Company. Shareholders are reminded that the Turkish legal system is different from systems with which shareholders may be more familiar, as noted in the Fund’s offering document, and these differences may affect the timing and quantification of possible future recoveries.

The Fund will make further announcements in due course and expects to release its final results for 2015 no later than the end of February.


N+1 Singer  (Nomad and Broker)     +44 (0)20 7496 3000
James Maxwell

Vistra Fund Services Limited      +44 (0)1534 504 700
Company Secretary