12 Sep 2016 09:02
B.S.D. CROWN LTD - Update in relation to the Bank of AzerbaijanB.S.D. CROWN LTD - Update in relation to the Bank of Azerbaijan
PR Newswire
London, September 12
BSD Crown Ltd. (LSE: BSD)
(the “Company”)
Company Update in relation to the International Bank of Azerbaijan
Ramat Gan, Israel, 12 September 2016
Further to the announcement dated 30 August 2016, the Company has received a notification from the International Bank of Azerbaijan (“IBAR”) that IBAR is claiming that Israel 18 B.V. is in default of its loan agreement with IBAR and consequently IBAR has reserved its rights against the Company under the purported pledge agreement over the Company’s US$13.1 million deposited with IBAR (the “Company’s Deposit”).
As stated in the announcement dated 30 August 2016 the Company refutes that it has ever authorised the use of the Company’s Deposit as security for the loan to Israel 18 B.V., which would constitute an interested party transaction in accordance with the Israeli Companies Law.
The Company will continue to seek the return of the monies deposited with IBAR from the Israel 18 and IBAR.
This announcement contains inside information
Enquiries:
Gregory Gurtovoy, chairman of the board: office@bsd-c.com