A Turkish gold-mining company has secured the winding up of its English subsidiary after spending nine years unable to exercise control despite owning all its ordinary shares.
In a decision demonstrating that a company can be wound up where its economic owner is effectively locked out of management, the High Court has intervened in a nine-year corporate battle involving a Turkish gold-mining group, a single powerful share and a decade of litigation that has reached as far as the Supreme Court.
Handing down his decision in London this morning (6 October), Mr Justice Thompsell ordered Koza Ltd be wound up on “just and equitable” grounds after finding that its sole ordinary shareholder, Koza Altin Işletmeleri AS (Koza Altin),…