Nawaz Sharif as the phenomena was born during the colonial era, when subcontinent was occupied by Great Britain. Great Britain was first and foremost preoccupied with geopolitical rivalries and therefore wished to ensure the loyalty of its colonial subjects—even if this came at the cost of overlooking a certain amount of illicit commerce.

Colonial merchants developed an impressive repertoire of evasive maneuvers to conceal the origins, nationality, routes, and content of their illicit cargoes. This included frequent use of fraudulent paperwork to make the cargo appear legal and authorized. And much to the frustration of the British authorities, when seizures did happen local merchants were often able to use sympathetic provincial courts to reclaim their confiscated goods and have their cases dismissed.

Britain’s “salutary neglect” and pragmatic tolerance trumped enforcement and revenue collection. Colonial traders continued to use circuitous routes to smuggle goods, disguise their cargo, and dole out bribes rather than publicly challenge the king’s right to collect duties and enforce the trade laws. Institutionalized corruption had a pacifying effect; informal financial accommodation meant that violence between smugglers and customs inspectors was rare. Consequently, colony of British India was a lawless country.

The Corruption Begins:

Nawaz Sharif had started filing tax returns from year 1983-84, and according to his statement, he had been a shareholder in the companies of his father, but, he stated before a court, that he had not been involved in any of these companies since 1985, devoting his life for the ‘occupation’ of Politics. He lied. Mian Nawaz Sharif, being the Punjab chief minister (1985-90), retained the assets Rs. 2,390,464 (1985-86), Rs. 4,342,686 (1986-87), Rs. 3,880,472 (1987-88), Rs. 4,786,308 (1989-90). Nawaz Sharif was elected the 12th Prime Minister of Pakistan on November, 1, 1990, and remain in the office till July 1993, when he resigned. His assets were Rs. 5,462,666 (1990-91), Rs. 8,332,777 (1991-92), he claimed that he received huge amounts in gifts from family members Abbas Sharif, Sabiha Abbas & Nusrat Shehbaz and in his tax returns he declared Rs. 3.9 Mn  of his wealth under the name of his children (Hassan Nawaz 2.4 Mn & Asma Nawaz 1.4 Mn) making total assets for the year at Rs. 8,332,777 with sources for this wealth remain unknown. Then comes the biggest surprise when his assets had grown to Rs. 68,027,128 (1992-93),

a gigantic addition of wealth to the tune of 58 Mn in the name of his children (Hassan 31.55 mn & Asma Nawaz 30.5 mn).

It is interesting to note that Hassan Nawaz was born in 1976, and he was approximately 15 years old student in 1991, when he owned assets worth Rs. 2.4 million (approximately US$ 146,000) and he was approximately 17 years old student when his assets were Rs. 31.55 million (approximately US$ 1.9 million). It should be remembered that according to the statement of Mr. Nawaz Sharif, his only occupation has always been “Politics” and that between 1990 and 1993, his assets rose from Rs. 5,462,666 (approximately US$ 333,699) to Rs. 68,027,128 (approximately US$ 4,147,995).  Here is the corruption, then and there. Nawaz Sharif denied any wrong-doing but he does not explain how, a professional politician without involvement in any business, and his tender aged children have gained a wealth of Rs. 53 million in a year.

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Money Laundering:

The investigation by a Joint Investigation Team, established by the Supreme Court of Pakistan found that Nawaz Sharif has started money laundering in September 1991. Since the inception in 1991 and culminating in 1998, various fictitious and Fraudulent foreign currency accounts were opened. These accounts were used to launder the amounts to the tune of 7.5 million dollars between 1992-1995. Majority of the amount was laundered to the United Kingdom.

Chart Money Laundering_001

Javed Kiyani a trusted friend and front man of Nawaz Sharif having close relations with bank authorities assisted Nawaz Sharif in opening and remitting into fake foreign currency accounts and to further utilize foreign exchange available as collateral for loans to create new industrial units for Sharif’s family. Javed Kiyani opened three Fake accounts in the names of Sulman Zia, Muhammad Ramzan and Asghar Ali in Habib Bank AG Zurich, Lahore on 26 Aug 92, while maintaining old accounts of Attia Kiyani (wife) , Begum Mariam Kiyani  & his own in same bank. Complete documentation for opening of accounts was done by Javed Kiyani himself verified through the report of handwriting expert. During 1992, Javed Kiyani started transferring money from abroad (different accounts) into Benami FCAs opened in Habib Bank AG Zurich, Lahore in the form of Foreign Telegraphic Transfer (FTT), Dollar Bearer Certificates (DBC) & Traveller Cheques (TC) on instructions of Mian Muhammad Nawaz Sharif. Multiple interbank transfers of large amount was carried out in order to create a cloud cover to hide the money trail.

Ishaq Dar submitted an affidavit under an Oath for the money laundering carried out by him through “Benami Accts” for the “Sharif Family”. Ishaq Dar completed his accountancy from Institute of Chartered Accountants in Wales, London UK. During his education he stayed with Masood Ahmed Qazi and his family and became friends. ID came back to Pakistan and worked his way through different jobs and businesses; was batch mate of Nawaz Sharif in Government College Lahore. Ishaq Dar after working with various companies started his own Modaraba Company in year 1991 with the name of First Hajveri Modaraba Company with a capital of Rs 150 Mn and was successful in attracting business groups like Sharif Group, Crescent Group, Sehgal Group and PEL. In his confessional statement he admitted that he had been handling the money
matters of the Sharif family and also alleged that Mian Nawaz Sharif and Mian Shahbaz Sharif were involved in money laundering worth at least $ 14.886 Mn.

Naeem Mehmood then Director of Modarba Company agreed to open “Benamidar” accounts in Habib Bank AG Zurich, Lahore during 1992 on directions of Ishaq Dar. Ishaq Dar opened 2 Benamidar FCA in the names of Sikindra Masood Qazi & Talat Masood Qazi in BoA, Lahore who were NRP/UK) on direct instructions of Mian Muhammad Nawaz Sharif. During the same period, 2 Benamidar Foreign Currency Accounts (FCA) were opened by Naeem Mahmood in the names of Kashif Masood Qazi and Nuzat Gohar Qazi in same bank during 1992. These FCAs were opened/ operated by Ishaq Dar & Naeem Mehmood in the name of Qazi family under the instructions of Nawaz Sharif and were to be used for transfer of foreign currency funds of Mian Muhammad Nawaz Sharif abroad (for purchase of off shore companies/ properties). 2 previously opened FCAs of Mr. Saeed (former director of Modabra Company) & Musa Ghani (nephew of wife of Ishaq Dar ) were also used for same purpose. For a detailed study, please follow the links below:

  1. JIT Report – Vol – I (Summary of Investigation)
  2. Vol-II (Statements of Witnesses & Analysis)
  3. Complete JIT Report Documents

 

The Motorway Scandal: Nawaz – Kamuran Link

On 18 March 1993,National Highway Authority (“NHA”) of Pakistani Government has and BAYINDIR INSAAT TURIZM TICARET VE SANAYI A.Ş. (“Bayindir”) entered into an a two-page agreement for the construction of a six-lane motorway and ancillary works known as the “Pakistan Islamabad-Peshawar Motorway” (the “M1 Project”). In July 1993, Nawaz Sharif resigned from him office as Prime Minister and the contract was forgotten until he returned to the office as Prime Minister on 17 February 1997. In March, Nawaz Sharif sanctioned Rs. 800 million for M1 Project and on 3 July 1997, NHA and Bayindir entered into a new contract, the “Agreement for the Revival of Contract Agreement for the Construction of Islamabad-Peshawar Motorway” (the “1997 Contract”). The 1997 Contract incorporated the 1993 Contract “in its entirety” with some “overriding conditions” agreed by the parties in the Memorandum of Agreement signed on 29 March 1997. It was a term of the Contract that NHA would pay to Bayindir 30% of the Contract price as an advance payment (the “Mobilisation Advance”). Thereafter, NHA paid to Bayindir an amount of USD 159,080,845 as Mobilisation Advance (namely two separate amounts of USD 96,645,563.50 and PKR 2,523,009,751.702) and on 9 January 1998, a consortium of Turkish banks (comprising Türkiye İş Bankasi A.Ş., Türkiye Vakiflar Bankasi T.A.O., Türkiye Halk Bankasi A.Ş., Finansbank A.Ş., DenizbanktheA.Ş. and Kentbank A.S., which subrogated its rights to Bayindirbank A.Ş.) issued two guarantees on behalf of Bayindir to secure the Mobilisation Advance in accordance with the Contract (the “Mobilisation Advance Guarantees”). It is to be noted that these two bank guarantees are alleged to be fraudulently obtained, through the Deposit Account Fraud (see Banca Turco Romana SA (in liquidation) v. Kamuran Cortuk and others, case number CL-2017-000700).

According to the claims in the legal documents,Bayindir Insaat is part of the Bayindir group of companies. It is engaged in the business of construction of motorways and other larger infrastructure projects in Turkey and abroad. Its principal office is situated at Tunus Caddesi No. 24, Kavaklidere, Ankara, Turkey. In December 2015, I was in Turkey, and I decided to visit Ankara and to locate the office of Bayindir. When I reached at the No. 24, I was astonished to find it a parking lot. I checked in the surrounding buildings, but could not find any office with the name of Bayindir, nor anyone could recall seeing one ever. I gave up my search by the evening and  booked a hotel to spend the night. Midas Hotel Kavaklıdere, right in front of that Parking lot. I tried to inquire from the staff of the hotel, but no body was aware of such a name, ,but they suggested me to check with  Yellow Pages, Hurrah, I found Bayindir Insaat, and its office is located at Malazgirt Mah. Savunma Sok. No: 1/A, Sincan Merkez, Sincan, Ankara, about 33 Kilometer away. So, in the morning, I took a Taxi from and it dropped me in front of a middle Class Apartment Building. I checked with some people and they confirmed that I am at the right address, but there is no Bayindir Insaat, it was purely residential neighborhood.  I started to suspect that if it is a front.

When I googled, to my astonishment, the only reference I could find is a settlement case between BAYINDIR INSAAT TURIZM TICARET VE SANAYI A.Ş. vs the Government of Pakistan. Failed to find any clue, I decided to conduct a broader search through my friends in Turkish business community. No body was aware of Bayindir Insaat, but I found about the existence of Bayindir Holding, a company, started in 1991 by Kamuran Cortuk,the spiritual son of former President Süleyman Demirel, and a convicted Fraudster.  Following the 1991 general election, Demirel became Prime Minister once again in a coalition government with the Social Democratic Populist Party. After the sudden death of President Turgut Özal, he became the ninth President on 16 May 1993, elected by the Grand National Assembly of Turkey. Kamuran Cortuk played crucial role to put President Demirel in the power, and thus he became “rising star” in the Turkish power circles of 1991 with close ties with both President Süleyman Demirel and Prime Minister Mesut Yilmaz. Suleyman Demirel visited Pakistan between October 24-26, 1992, and at the end, a Memorandum of Understanding was signed by Muhammad Nawaz Sharif, then Prime Minister of Pakistan and Suleyman Demirel, then Prime Minister of Turkey. Mr. Demirel expressed his government’s readiness to contribute to the efforts of the government of Pakistan for launching a comprehensive programme for reconstruction and rehabilitation so as to cope with the situation created by floods in Pakistan.

 

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 A Photo showing Kamrun Çörtük with the family of former Turkish President

Süleyman Demirel, and this group was called as “Family” by President Demirel.

Another surprising information was that the Bayindir Holding is, allegedly, owned by Mesut Yilmaz, who was Prime Minister of Turkey during 23 June 1991 – 20 November 1991 but officially its owner and founder is Kamuran Çörtük. Kamuran Cortuk, allegedly, is a long term friend and front man for Mesut Yilmaz, arranging corrupt deals for him such as TürkBank deal between Prime Minister Mesut Yilmaz, former State Minister Gunes Taner., Real estate developer Korkmaz Yiğit, and mafia leader Alaattin Çakıcı. In September 23, 1998, Nawaz Sharif was in New York for 53rd session of General Assembly, when he took Mesut Yilmaz aside and both had a private meeting, contents of which are never made public.

 

I started checking the local news archives and found that Bayindir Holding, the owner of Bayindirbank, was named in a banking scandal in Turkey and Romania in late 1990s and early 2000s and in 1994, construction of 37 mile-long (60 km) highway linking the Romanian capital Bucharest to the southern town of Giurgiu, as part of a project to update Romania’s and Bulgaria’s roads to Turkey. Banca Turco Romana (BTR) was established in 1994 as a commercial bank and is member of the National Union of Insurance Companies from Romania (UNSAR).

Kamrun Çörtük

Kamuran Çörtük and his son, Serkan, now reside in Monroe Township, New Jersey, USA while his daughter YESIM SAKARYA, who worked in Human Resources for one of her father’s companies within the Bayindir Group. She is a Turkish citizen and lives in Turkey. Kamuran Cortuk started his business career in 1984, with a group of friends, and later in 1991, he founded Bayindir Holdings. His first major contract came from Pakistan in 1993, when his company Bayindir Construction and Tourism, was awarded a two-pages contract to build M1 Project. A Turkish citizen, Mr.HAŞIM BORA ZERMAN, has been working for Bayindir Group since 1998 and he is considered as the right hand man for Kamrun Çörtük.

Çörtük’s first business was  established in 1984 with a group of friends, Çörtük was contracted by Turkish Government with the İzmir-Urla Çeşme highway Project. Later, with contracts in Pakistan and a lucrative highway tender in Romania, Çörtük began to make a name in large projects in Turkey. The most controversial of these was the never-ending Bolu Mountain Tunnel. Turkey’s most ambitious highway project was actually made by the Italian company Astaldi. But Astaldi took the deal as a partner when it could not be done. Later on, Astaldi explained in the interview to SABAH Newspaper, “We have taken the project jointly in order to facilitate our work in Ankara”. Çörtük’s close relationship with Ankara was among the most talked about in Turkey.

Çörtük, then made an ambitious entry into the field of healthcare, founded Bayındır Medical Center in Ankara. The giant nursing home in Istanbul was followed by Life City. In the meantime, He bought , “Sagra” as his first industrial investment in 1995. However, Bayındır Medical Center, Yaşamkent and Tatilya, were the first of his companies facing troubles due to huge debts to financial institutes. These companies, eventually, were taken over by Turkish IS Bank because of defaults. 

Kamrun and Bayindir Group in Romania:

  1. His first business in Romania, according Capital magazine, a leading Financial Information Journal in Romania, was the Bayindir Lido Tourism and Commercial Investments SA, which was established in July 1993, where Kamuran Cortuk holds 0.99%, Bayindir Holding AS – 95.30%, Lido SA -1.91%, and the rest is owned by others that are part of the same holding. The main areas of activity of this company were construction services. In 1999, Bayindir Lido Tourism had losses of 1.93 billion Romanian Leu and total debt of 3.5 billion Leu (approximately US$ 440,000).
  2. In August 1993, Bayindir Insaat Turizm Ticaret Ve Sanayi SA, the construction company, opens a subsidiary in Bucharest. The company’s balance sheet for 1999 was not filed but in 1998, the company had a profit of 1.7 billion Leu, however, it also had a debt of 45 billion Romanian Leu ( approximately US$ 5.66 mn).
  3. This is followed by Banca Turco Romana SA (BTR) in November 1993, where Bayindir Holding A.S. holds 63.5% of the shares. It was incorporated in Bucharest, Romania in 1993; and until 2002, when it was put into liquidation, it carried on business as a large retail and commercial bank with operations chiefly in Romania but including a wide network of corresponding banks in Turkey and elsewhere. It was closely affiliated with, and majority owned by, the Bayindir Group. Documents show that between 1998 and April 2000 Cortuk caused BTR fraudulently to pledge large deposits held by BTR with foreign banks as security for loans made to the Bayindir Group, to a total value of about US$108 million and 14.8 million; the Bayindir Group company then defaulted on the loans, causing the lenders to exercise their security over BTR’s deposits.
    1. If you are paying close attention, these are two guarantees on behalf of Bayindir to secure the Mobilisation Advance from the Government of Pakistan in 1998.
    2. A criminal investigation was opened against Çörtük and a number of the other directors in Romania in February 2001. BTR joined its civil claim to the criminal proceedings seeking damages against Çörtük and the other directors. On 19 April 2007 a first instance judgment awarded BTR the full amount sought.
    3. There were appeals, ultimately to the Second Criminal Chamber of the Court of Appeal of Bucharest, which in material respects dismissed the appeal on 25 May 2012. In that decision ( the Romanian Judgment ) the court held that Çörtük had been instrumental in perpetrating the Deposit Account Fraud which had directly led to the insolvency and liquidation of the bank on 3 July 2002.
    4. The Court sentenced Çörtük to 13 years imprisonment (a period subsequently reduced to 10 years), and held Çörtük liable to pay to BTR approximately US$59.4 million and 11.3 million plus interest.
    5. That judgment debt remains unsatisfied, save for a sum of CHF2.8 million which was recovered as a result of criminal proceedings in Switzerland against Mr. Çörtük. Following the judgment and a request by Romania, Interpol issued a red notice for Çörtük’s arrest and extradition.
    6. He has served no part of his sentence and has evaded extradition and arrest. 
    7. He maintains his innocence of the Deposit Account Fraud and has alleged that the Romanian proceedings, in which he took no part, were without jurisdiction and a breach of his human rights.
    8. Another allegation of fraud upon Çörtük by BTR is when BTR purchased a Bucharest office block, known as the Negoiu Building from a Bayindir company for US$8.8 million in 1997 which was at an overvalue of almost US$5.5 million. In support of this allegation BTR rely upon valuation by a Mr. Nistor produced subsequently and concluding that the true value of the building at the time was a little over US$3.3 million. This was characterized by BTR as the Romanian Real Estate Fraud .
    9. Criminal proceedings were commenced in Switzerland on 13 February 2013 following an anti-money laundering investigation in respect of Çörtük. In support of those criminal proceedings the Attorney General of Geneva froze assets of Çörtük and Teneo. BTR obtained recognition in Switzerland of its insolvency and filed for enforcement of the Romanian Judgment in Switzerland. It was joined to the criminal proceedings and itself filed for attachment of the frozen assets.
    10. The criminal and civil proceedings were based upon the allegation by BTR of Çörtük’s involvement in the Romanian Real Estate Fraud, i.e. that relating to the sale at an alleged overvalue of the Negoiu Building in 1997.
    11. The criminal money laundering proceedings, and BTR’s civil claim which was joined to it in relation to the Romanian Real Estate Fraud, were settled by the way of a confidential settlement agreement by all the relevant parties, being Çörtük, Rowena, Tempus, Teneo and the Attorney General of Geneva. The confidential settlement agreement dated 4th November 2016 ( the CSA ) provided that the CHF2.8 million which was frozen should be forfeited to BTR. The CSA provided in terms that Çörtük’s consent to the settlement and forfeiture of the assets was given without accepting or assuming any criminal or civil responsibility in relation to the allegations against him or the validity of the Romanian Judgment.
  4. One year later, December 1994, another three companies are set up in Bucharest, where the Bayindir Holding has significant participations: Bayindir Leasing SA, construction equipment (Kamuran Cortuk – 10%, Bayindir Holding Anonymous Sirketi – 60%, BTR – 19%); BTR Asigurari si Reasigurari SA, with main activity of life insurance (Kamuran Cortuk – 0,11%, Bayindir Holding Anonim Sirketi – 58,38%, BTR – 19,5%); ENER Construction and Industry SA, with activity of trade, import-export, production, construction etc. (Bayindir Holding, Sirketi – 95.96%, BTR – 1%). Of these three companies, the first two of the companies had eventually fallen into losses of hundreds of millions of Leu and only the last one had made a profit of 44 million Leu.
  5. In April 1996, a new company, Bayindir Land Developement SA, is emerging, where Bayindir Holding AS has 22.5% and BTR – 5%. and this company had losses for the past two years, of 5.7 billion lei and 1998 and 33.46 billion lei and 1999. Investments continue. in November 1997, the Trade Registry certifies the incorporation of another company, whose main activity is tourism assistance, namely Elips Tour Romania SRL, resulting from the association of the Roman businessman Paul George Marasoiu (10%) with Bayindir Majestic Hotel Construction and Management SA %). The company that last year registered profit of 136 million lei, and in 1998, a loss of 260 million lei. Last year’s debts to this company amounted to 87 million lei. in December 1997, Bayindir FIBA ​​SA (which owns Bucharest Mall), where Kamuran Cortuk has 0, 76% of shares, BTR – as much as 0.76% and the majority of 93.84% owned by Bayindir Fiba Insaat dis Ticaret Pazarlama Ve Ticaret AS in Turkey. Bayindir FIBA ​​had losses, both in 1998 and 1999, of ROL 3,123 billion, respectively, 255,170 billion ROL. This year, April, a company, BTR ASSET Management SA, of financial intermediation, in which Bayindir’s majority shareholder holds 4% of shares, BTR – 20%, Bayernir Menkul Degerler AS in Turkey – 64%.

Çörtük Empire

Our research has unearthed a massive network of companies, associated with the Çörtük Famiy, and these assets are divided into three groups said to be beneficially owned by Çörtük, namely (1) the Rowena structure, (2) the Tempus structure, and (3) a life insurance policy.

The Rowena structure:

Assets within the Rowena structure are held as follows. At the head of the structure is Rowena Ventures Limited, a BVI company. Its shares are held by Lemania International SA, a Panamanian registered entity owned by a corporate service provider as nominee. Those shares are held as nominee ostensibly for Ms Sakarya. Ms Sakarya’s case is that she is the ultimate beneficial owner of the shares in Rowena and accordingly of the assets below Rowena in the structure. It is BTR’s case that in truth Çörtük is the beneficial owner of the shares in Rowena and the assets in the structure below it. Rowena was placed into voluntary liquidation on 3 April 2013 and was struck off the BVI register, but there are grounds to believe that it has made the necessary payments for its restoration and that it has been or will be restored.

Rowena owns all the shares in Hollydale Investments Ltd, an English company. Hollydale Investments Ltd owns all the shares in Westpoint Industries (UK) Ltd, another English company (“Westpoint UK”). The directors of Westpoint UK are Senton Properties Ltd which is part of Dominion, a wealth services provider assisting Çörtük; and Ms. Roue of Vicena, a corporate service provider. Serkan Çörtük, the son of Kamrun Çörtük, holds a power of attorney for Westpoint UK.

Other than a Swiss bank account which is not relied on for the purposes of this application, Westpoint’s known assets are its 100% shareholding in Westpoint USA Inc. (“Westpoint USA”), a company incorporated under the laws of New Jersey USA. Westpoint USA owns three companies incorporated under the laws of New Jersey, USA, each with Iron Bridge in its name (“the Iron Bridge Companies”), which in turn operate a business in engineering and construction with significant valuable assets. The location of that business and those underlying assets was not revealed by the evidence before me, but it is reasonable to infer that they are in whole or in part in New Jersey.

On 22nd May 2012, Westpoint UK purchased 5 Spy Glass Court, MONROE TOWNSHIP, Middlesex County, NJ, 08831 which is Block 64, Lot 10.172, for $430,000.00, and the property was sold to Yesim Sakarya, the daughter of Kamrun Çörtük on June 15, 2015 for a price of $1. The Deed for 5 Spy Glass Court is filed with the County Clerk in Book 6715 on Page 641. This property was assessed for $537,200.00. The land was assessed at $180,000.00 and the improvements to the property were assessed at $357,200.00. 5 Spy Glass Court costs YESIM SAKARYA $13,956.46 annually in taxes.

The Tempus structure:

The Tempus Foundation is a Liechtenstein foundation, which is ultimately beneficially owned by Çörtük. The Tempus Foundation owns (indirectly) all the shares in Teneo Holdings Ltd (“Teneo”) a company incorporated in Malta. Mr. Özerman has been, and is believed by BTR still to be, the sole signatory of Teneo. Teneo holds all the shares in Piedmont Investments Ltd (“Piedmont UK”) an English company. Piedmont’s directors are Helen Louise ROUE and a corporate director registered at the same address. Piedmont UK own 99% of the shares in S.C. Piedmont Investments SRL (“Piedmont Romania”) a Romanian company. The other 1% shareholding in Piedmont Romania is held by Özerman.

Özerman is a director of Piedmont Romania. Piedmont Romania holds valuable assets in the form of land in Bucharest, Romania. It is BTR’s case that some of that land, the Stefanesti land, was purchased with the proceeds of another fraud which Çörtük perpetrated on BTR by procuring in August 1997 that BTR purchased a Bucharest office block, known as the Negoiu Building from a Bayindir company for US$8.8 million which was at an overvalue of almost US$5.5 million. In support of this allegation BTR rely upon valuation by a Mr Nistor produced subsequently and concluding that the true value of the building at the time was a little over US$3.3 million. This was characterised by BTR as “the Romanian Real Estate Fraud”.

On 30 September 2017 Piedmont Romania was put into suspension for three years by a resolution of its shareholders which was signed by Özerman on his own behalf as 1% shareholder and on behalf of Piedmont UK as 99% shareholder. BTR contends that it is susceptible to being brought out of suspension at any time by its shareholders.

Ms. Gönen purchased a life insurance policy with Credit Suisse Life (Bermuda) Ltd in April 2011 with an initial premium of US$3.6m, paid from her Credit Suisse account in Switzerland. The policy named Mr Çörtük as the alternate beneficiary, and thereafter his grandchildren. Çörtük took out a policy for the same amount and at the same time in identical terms, naming Gönen as alternate beneficiary and thereafter his grandchildren. It is BTR’s case that the policy in Gönen’s name was purchased with funds that were in truth those of Çörtük and on his behalf. There was a partial redemption of US$160,000 from the policy on 12 November 2012 and a total redemption in late 2013, resulting in all the proceeds being received by Gönen into her personal account on 8 January 2014. The US$160,000 redeemed in November 2012 was paid to Teneo. BTR’s case is that that was paid for Mr Çörtük’s benefit, consistently with the policy having been for his benefit and with his ownership of the Tempus structure. Gönen’s case is that it was paid to Teneo for onward payment to Piedmont Romania for the purchase of two apartments as an investment, but not ultimately used for that purpose because the funds were frozen in Teneo’s account as a result of which the property transaction did not proceed.

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