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Ottoman Fund settles claims against ex-CFO to wind-up company

Staff Writer | April 5, 2017
The Ottoman Fund said it has settled its claims of embezzlement against its former chief financial officer, which will allow the investment firm to proceed with its winding-up.
Ottoman Fund
Settlement   $250,000 and the transfer of subsidiary shares
Ottoman Fund said it has agreed to discontinue its claims against its ex-CFO in exchange for $250,000 and the transfer of subsidiary shares registered in his name to the company.

The fund said this should enable it to make a final distribution to shareholders and wind up the company.

However, it added that amount and timing of the distribution will depend on a financial review of its subsidiary's accounts and payment of outstanding obligations and it "cannot now predict" when this will completed.