Claim No: CR-2024-004856 - [2025] EWHC 2304 (Ch)

BACKGROUND

Parties

Koza Ltd is an English company, incorporated in 2014 and capitalised with £60m from Koza Altin, which became (and remains) its 100% ordinary shareholder. At the time of its incorporation, Mr Ipek and members of his family were directors of, and controlled, Koza Altin.

Koza Ltd’s sole director is Mr Ipek. Mr Ipek, the Second Defendant, is a businessman of Turkish origin and was, until 26 October 2015, the chairman of Koza-Ipek Holdings AS, which was then the ultimate parent company of the private shares in the Koza group of companies (the “Koza Group”), of which Koza Altin formed a part. He now lives in the United Kingdom, and has not returned to Turkey since 2015, where there is a warrant for his arrest.

Koza Altin is a Turkish public company, incorporated in 1989. It is engaged in the business of gold mining (although none of its investments are in goldmines that are as yet operational). Around 30% of its shares are traded on the Istanbul Stock Exchange but, taking into account both direct and indirect shareholdings, as far as economic interests go, it is majority publicly owned. However, as far as control goes, it may be regarded as being controlled by organs of the Turkish state. The privately held shares in Koza Altin are all owned, directly or indirectly, by the Turkish Wealth Fund (the “TWF”).