A key priority of Turnstar and its Board of Directors (the “Board”) is to keep all our shareholders informed correctly should misinformation find its way into the public domain.
The edition of the 26″ June ~ July 5′” 2022 of the Sunday Standard newspaper carried a series of stories that would imply that Turnstar has lost court cases in the Dubai that relate to the Palazzo Venezia investment.
The fact is, the Turnstar litigation matters relating to the Palazzo Venezia building in Dubai are at the very early stages of their legal process and a definitive ruling is yet to be made. The attached letter from Turnstar’s legal advisors in Dubai properly states the current and ongoing position. Shareholders can rest assured that Turnstar will continue to prosecute its cases in Dubai with the utmost vigour and determination.
The cases referred to by the Sunday Standard newspaper relate to Mr Gulaam Abdoola’s personal claims arising out of his investment in Bucephalus/Okavango Place (which Turnstar exited having been refunded its investment in full in December 2021). Those cases have nothing to do with Turnstar.
The Sunday Standard’s story is therefore simply incorrect in its assertion that Turnstar has “lost” three cases in Dubai. Mr Abdoola will respond to the Sunday Standard newspaper regarding his own litigation matters in Dubai should he deem it necessary to do so.
The Sunday Standard newspaper further alleges that there exists a document/email that contains material information that was not availed to the law firm that was commissioned to investigate the matters surrounding the Palazzo Venezia acquisition. The Board and management reject outright the contention that any information or documents were withheld from the investigators.
Turnstar is a proudly Botswana business that works to create value and returns for stakeholders and shareholders alike. We have a duty and responsibility as well as a passion to do right by our stakeholders and we are committed to this without restraint. Turnstar remains unwaveringly determined to create shared value as we invest, manage and grow properties that bring about real returns for communities and investors.
BY ORDER OF THE BOARD
29 JUNE 2022