Dear Chairman of the TMSF and the trustees,

The chairman of the SPK, VahdettinErtas, and the members of the SPK have fined the KozaIpek Group and its managers a great deal over a short period of time.

And in answer to our request to appeal to the boarding our opening remarks, they decided to increase the fines, as if they hadn’t fined us enough already.

There is, however, a problem:

All the board members of the Koza Group including the independent ones, were insured internationally between 2009 and 2015 against all monetary fines resulting from being on the board. The SPK fines are clearly covered by this.

The KozaIpek Group paid in full all the necessary fees to the insurance companies up until September 2015 when the judges appointed trustees.

I am expecting the insurance companies to contact the relevant parties and to participate in the court case soon. They shouldaccept the loss and take advantage of the reduction for early payment. This would be the best option for everyone.

However, my guess is that they will be reluctant to pay the fines which were unlawfully imposed.
In this case, it is not known whether the fine will be paid, or whether the insurance company or the TMSF or the trustees will pay – or if the insurance company will pay and then the trustees will pay them back.

As you know or will come to know, these matters, with all the files and their addendums, will go to four different international courts including arbitration in the same period of time. There must be a reason for all these huge unlawful fines.

I hope the trustees have continued to be insured during the period of their management.

There are a few other important issues concerning the international courts.

I am going to present them to you in due course.

P.S. I could only get hold of the insurance policies today, and only partly,because the trustees haven’t given any information.