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Palmali Holding - Press Release

On 31th May 2020, certain media groups published articles containing a number of allegations which are false and that aim to damage the business reputation of Palmali. We as the Palmali Group of Companies have issued the following statement to clarify the false information given.

On 15 March 2020, Palmali’s founder, Mr. Mubariz Mansimov Gurbanoglu, was arrested and been accused of being a member of an armed terrorist organization called FETÖ. The investigation of the claim is currently ongoing but there is no evidence to support these false claims. No charges have been brought against Mr Mansimov and Mr Mansimov emphatically denies the allegations. 

Allegations that Mr. Mansimov has been declared bankrupt or that the English Court has issued an injunction against his person assets are also false. Mr Mansimov has not been declared bankrupt by any court. Nor has an injunction has been made against Mr Mansimov. 

On 28 April 2020, one of Palmali's lenders, Sberbank obtained a freezing order, against one company in the Palmali group, Palmali Holding Company Limited (PHCL). Palmali disputes the validity of the freezing order and has applied to the English High Court for the Freezing Order to be set aside. PHCL does not own any vessels or other assets and the Freezing Order does not affect the operation of Palmali's fleet or the rest of the Palmali group. Reports that the Palmali group has debts of $900 million are also incorrect. 

At the beginning of this year Palmali agreed with one of the German financial institutions that six dry cargo vessels would be sold as part of a restructuring process as result of the downturn in the dry cargo market. Since then, no vessels in the Palmali fleet have sold or seized. Although Mr Mansimov is not able to lead the Palmali group personally at this time, the Group is continuing to trade and operate as it has done previously despite the disruption caused by Mr Mansimov's arrest and the unprecedented challenges to the shipping market at this time.

We would like to raise the public’s awareness that groundless information on Palmali Group of Companies and notably on Mr. Mansimov should not be accredited and remain unquestioned.

Board of Directors
Palmali Group of Companies

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