Dear Board of the CMB (Capital Markets Board of Turkey) and its respected Staff, Failing to find a single article that’s against the law, in your plot to bringan indictmentagainst me, you have instead questioned the mining operations and the company resolutions of Koza Gold, Turkey’s highlysuccessful and solegold mining corporation.
Let me give you some information:

• From a turnover of 5bn TL, Koza Gold made a profit of 3bn TL during the period it was supervised by the CMB.
• The company’s market value rose from its start-up value of 40 million dollars to 3bn dollars.
• From a company with an expected mining lifespan of 1.5 years, it expanded to become the four companies it is today.

• From an initial 150.000 ounces, the company has increased its mine reserve to 4.500.000 ounces, despite the continuing production of gold.
•  Mine resources have risenfrom the initial 600.000 ounces to 11.500.000 ounces.
•  With its implementation of cost and purchasing control, the company has topped world gold-mining lists by keeping the cost of gold per ounce at around 600 USD.
• The success of its management is the pride of Turkey and is held up as an example to the world’s mining industry.
• In the past three years, no other company besides Koza Gold has discovered any metals to be minedor started any mining activity.

In the mining industry, if everything goes as planned, the time required for search and start-up operations is between seven and ten years.
Can the CMB of Turkey decide when and where to mine and how much money to invest?
Do you have any right at all to question my resolutions, or those of the management or the general assemblywhich are all in accordance with regulations and legislation?

 

Dear Board of the CMB (Capital Markets Board of Turkey), its Staff, and the general public,

The CMB has made four criminal complaints in one month without making clear which rules or regulations were broken, what was incomplete or what was done in defiance of which regulation.

These complaints are concerning:

• The capital of one of Koza Gold’s companies based abroad
• The 2% official donations to state institutionsover the last 10 years
• The 3% profit share which has been given to the management in accordance with the general assembly resolution over the last 10 years
• The contract fee which was reported and approved by the CMB itself.

The answer to the first criminal complaint:
As the majority shareholder, I have the ‘A’ group right, which is the right to decide on and approve the management ofthe 22 companies that I set up and that I have successfully managed for the past thirty years. Out of the 22 companies, 21 companies were seized and placed by the court, under the control of the trustees in a mostirregularfashion!!!
Only one company, Koza Ltd,was not seized and is still owned by me. This is because Koza Ltdis registered and based abroad, so the CMB were not able to appoint trustees to it.

The CMB counted it as a crime that I held the right to decide on the management of my twenty-second company,Koza Ltd., whenI hold the right and always have held the right to decide the management of all my other companies.

As the owner and founder of the company and being the majority shareholder, (having the ‘A’group shares), it is my lawful right to decide on the management and business structure of that company, and it is a right that I have held for the past thirty years without complaint.

It was my lawful right to decide on the management of all the companies I have set up over the past thirty years and it is also my lawful right to decide on the management of Koza Ltd. What can be more natural and lawful than this? Who, other than me, should holdthat right?

The CMB now wants me to pay the capital invested inKoza Ltd. to my company held under the management of the trustees. They have made a criminal complaint against me,even though they know that there are no legal grounds for one.

The cash assets of my corporation, in total 600 million dollars, is held in the safes of the companies that are under the management of the trustees.

There isn’t a single dollar unaccounted for or laundered. My businesses were carefully managed and absolutely everything was done legally and above board.

This is the reason why the CMB have made the first criminal complaint.

3 Why Tekinİpek is in Jail

My intention is not to show any disrespect towards anyone.

I don’t want to upset or anger those who say, “If he is not here, put his brother in jail!” However, I am compelled to share the truth with you.

Why have trustees been appointed to the Kozaİpek Group?

A brief overview ofthis whole nonsensical smear campaign:
1) 7 billion USD was sent abroad.
2) 150,000,000 USD in aid was received fromthe Erdemir Group.
3) The production figures were false. The gold collected as donations from individuals was shown as gold produced by the company.
4) There was money laundering.
5) There was double-entry bookkeeping.
6) There wassupport for ‘Fiteo’.

Due to these allegations, the trustees were appointed.

The court who appointed the trustees, did not stop there. After eight months of disastrous administration by the trustees, Tekinİpek was detained.At that time,he was already under judicial control.The police arrested him in the middle of the night,and he was jailedunder allegations made at a later date by the CMB.

Tekinİpek’s final question to the prosecutor was: Why are you detaining me?
The prosecutor’s reply was: a smile followed by the words – We couldn’t find your brother.

After the trustee fiascoit was proved that:

1) Not even 7 USD was sent abroad, let alone 7bn.
2) The Erdemir Group was a confusion over a name, no such thing took place.
3) The amount of gold to be produced had been planned years in advance and the production went ahead under the management of the trustees as previously planned.
4) It was impossible for money laundering to take place as only one account was used and all movement of money was under strict control. Moreover the bookkeeping system would not allow such unlawful activity.
5) Double-entry bookkeeping is compulsory, as all bookkeeping has to be done in accordance with the legal requirements of national and international systems of accounting.
6) All monetary donations were made to official bodies or organizations that were officially and legally approved by the Turkish National Assembly.

I gave a brief answer to the CMB’s criminal complaints. I left the matter to their moral conscience. My intention now is topost the details and the appendices of the case online in both Turkish and English. Let these posts be a record for the historians and those in the legal profession to peruse.

Thoughts on the appointment of trustees and onthe detainment of Tekinİpek:

The fire has found us in a city set ablaze by the flames of endless hatred. Those who think this fire won’t burn them are very wrong. This fire burns everyone.