Ottoman Fund's former CFO indicted for alleged theft of $1m

AIM-listed Ottoman Fund’s former chief financial officer Ahmet Sinan Kalpakçıoğlu has been indicted for alleged aggravated theft of over $1m by a Turkish court.

Kalpakçıoğlu was indicted for alleged aggravated theft of money from two of the Ottoman Fund’s companies while he was its CFO in Turkey and if convicted, he faces in excess of twelve years in jail and fines.

On Wednesday, the Istanbul 8th Criminal Court of First Instance accepted the indictment for a hearing to be held on 7 December at 0945 local time.

Chairman John D. Chapman said: “We are gratified that given the many issues Turkey now faces its law enforcement agencies and courts have taken a first step towards convicting and punishing Kalpakçıoğlu for stealing over $1m in aggregate from two separate subsidiaries of the Ottoman Fund.

“We are grateful for the efforts of our lawyers in Turkey, including Dr. Kaan Karcılıoğlu, for diligently pursuing the indictment. We are hopeful that Kalpakçıoğlu will now show remorse for his actions by ensuring restitution of all of the money due to Ottoman.”