Summary: The SPK’s (Capital Markets Board of Turkey) Criminal Complaints and the Answers: 1) Why did you set up a company abroad? Why do you have Class A privileged shares? This gives you total control.
My answer: The right to hold Class A shares can only be owned or given by the owners or founders of the company. No one can have Class A shares unless they are the founders of the company or their ownership of the shares has been approved by the owners of the company themselves. Furthermore, the management of the KozaIpek Group would not change or be changed even if there were no Class A shares.
This right comes from the foundation and the ownership.
It is meaningless and impossible to have legal discussions over the existence of Class A shares when they have been properly arranged and signed by people authorised to do so.
It is perfectly legal to have Class A sharesand lots of companies listed on the stock market have them. They protect small-scale investors. All investors buy shares because they have trust in the management. A change of management gives investors the right to leave the company.
When there is a change in management, it is the investors’ legal right to take their money back at the market value of the shares on that day. The regulations on this matterare very clear.
To open to the international market is a commercial decision. When my Gümüşhane plant was closed because of a simple permission not being granted, I declared that we would open to the international market. I have an experienced team and risk capital. I had no reason to leave them idle.
Class Ashares have always existed in all my companies from when they were first set up, including Koza Gold. Of course I had absolute control of the group from the beginning, and ‘the right to govern’has always belonged to me. Who else should have had the right to govern?
THOSE WHO ARE SEARCHING FOR GOLD IN THE HOTEL GARDEN
It is futile for the SPK to question my decisions and mining operations. They have neither the right nor the authority to do so.
Our success in mining is inany case there for everyone to see.