Turnstar appoints law firm to conduct forensic investigation on Dubai Investment

Turnstar Holdings Limited has revealed that it has appointed a private Gaborone based law firm to conduct a legal forensic investigation on the company’s investment in Dubai.

This comes after a series of Sunday Standard Newspaper investigative reports which claimed that there might be Shady deals which might have happened surrounding the said investment.

“Turnstar Board has appointed a Gaborone law firm to conduct an independent legal forensic investigation into all aspects of the Relevant Investment and Turnstar’s investment in the Palazzo Venezia property in Dubai. It is envisaged that the preliminary report in respect of the investigation will be presented to the Turnstar Board by the end of January 2022 and the Turnstar Board will provide an update in that connection at the appropriate time.” noted the Board of Directors.

Contrary to the reports by Sunday Standard Newspaper which detailed how Botswana pensioners have been fleeced of millions of Pula in a questionable deal by Turnstar Holdings in Dubai, also questionimg whether Abdoola made unbiased decisions during the controversial Dubai deals, Turnstar has put into perspective that;

  1. No investment has been β€œkept off” the Turnstar books or has been β€œrogue” or has β€œflown under the radar,” contrary to what is stated in the Articles. The Relevant Investment was in fact approved by the Turnstar Board on 9 December 2019, on an arms-length basis, and the agreement signed on 28 January 2020 was fully authorized.
  2. The agreement between Turnstar and Mr. Abdoola signed on 8 June 2021 was entered into to grant to Mr. Abdoola agency and assumption rights, on an assigned basis, to institute, progress and enforce litigation proceedings in relation to the Relevant Investment in Dubai.
  3. The Relevant Investment has been fully recorded and disclosed in Turnstar’s financial statements as an advance and Turnstar’s auditors have at all times been furnished with the necessary information.
  4. In the Turnstar Board’s opinion, there has been no violation of any company mandate or Botswana Stock Exchange rule as to corporate disclosure or otherwise.

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