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

IS KOZA ALTIN THE 100% ECONOMIC OWNER?

Mr Ipek considers that it is wrong to accept the proposition that Koza Altin is the 100% economic owner. Whilst it cannot be denied that the A ordinary share that he holds gives no rights to dividend and only a right to the return of £1 of capital on a winding up (and affords him no voting rights), he argues that the veto rights that are afforded by the share have value, and this is something the court should consider when considering what is just and equitable. In support of this contention, he has, with the permission of the court, given at the outset of the hearing before me, put into evidence an expert report by Mr Jonathan Jones, who is a chartered accountant.

I had reservations about admitting this report into evidence as it seemed to me that there were flaws and limitations in the way it was prepared and as I considered (wrongly as it turns out) that Koza Altin had been given insufficient time to instruct its own expert had it wished to. However, as I was wrong on the latter point, and Mr Caplan for Koza Altin was largely indifferent as to whether the report was admitted, I did admit the report.

The report is subject to express limitations, including that it relies upon management accounts and has not sought to value property.

The report considers various approaches to valuation.