Mehmet Nejat Önkal, aged 64, Non-executive Director
Mr Önkal founded the Istanbul office of Arthur Andersen in 1975. In 1978 he joined the Sheraton Hotel Group and held various senior management positions with the company until 1992, including regional manager for Europe, the Middle East and Africa and Vice President for Asia Pacific. Between 1992 and 1997 he held various senior managerial positions, including General Manager of the Princess Hotel Group, one of the largest hotel groups in Turkey. Since it’s inception in 1997, he has been the Managing Director of BDO Tourism Consultancy Turkey, covering the East Mediterranean, including Cyprus and Turkey, Middle East and Central Asia. Mr Önkal is currently an executive board member of Ceylan InterContinental Istanbul. He was previously the Managing Director of TRI Hospitality Consulting, Turkey.

 

Anthony William Travis, aged 60, Non-executive Director
Mr Travis is a member of the board of L`Observatoire de la Finance, Geneva and of The International Peacebuilding Alliance Interpeace, Geneva. He is a former Senior Partner of PricewaterhouseCoopers in Geneva, and until his retirement from the PwC partnership in 2005, he led a number of major international banking and other client audit engagements, including the audit of The Bank for International Settlements. He is an ICAEW qualified Chartered Accountant (FCA), has been a technical consultant on risk management issues to the Islamic Financial Services Board and is an adviser to The Aga Khan Foundation on corporate governance and auditing issues. He is board member and Chairman of the Group Audit Committee of EFG European Financial Group, Geneva (one of Switzerland`s largest banking groups and Greece`s second largest bank) and chairs the Group Audit Committee of La Compagnie Financiere Holding Rothschild, a large privately owned international banking group. He is a business associate of the Centre for International Business & Management at the Judge Management Institute at the University of Cambridge and member of the Executive Council of the Organisation Mondiale Contre La Torture. He is a Fellow of the Forum Suisse de la Politique Internationale, Geneva. Published works include "Debt and the legitimacy of demands for its recovery", "International Transfer Pricing" and "The Auditing Profession after Enron".

 

Stephen William Hammond, MP, aged 47, Non-executive Director

Mr Hammond is the Conservative Member of Parliament for Wimbledon having regained the seat for the Conservative Party in 2005 with a 7.2% swing, one of the largest in the country. Following his election he sat on the Finance Bill Committee and in December 2005 he was promoted by David Cameron to Shadow Transport Minister, a position he currently holds. Prior to entering Politics, Mr. Hammond had a long career in the City having joined Reed Stenhouse as a trainee in 1983. He became a Portfolio Manager of the UK General Equity Trust with Canada Life in 1985 and in 1987 he joined Philips & Drew UBS as an Equity Salesman. In 1992 Mr Hammond joined Kleinwort Benson where he became a Director in their Sales and Research department. In 1998 he joined Commerzbank Securities to help set up the Technology coverage of the newly formed Investment Bank. A year later he was appointed Director of pan-European Research. Mr Hammond left Commerzbank in 2003 to concentrate on the 2005 General Election.

 

Corporate Governance and Internal Controls
There is no corporate governance regime with which the Company must comply in the BVI. However, the Directors recognise the importance of sound corporate governance and intend to comply with the Quoted Companies Alliance`s Corporate Governance Guidelines for AIM Companies. In particular, the Directors are responsible for overseeing the effectiveness of the internal controls of the Company designed to ensure that proper accounting records are maintained, that the financial information on which business decisions are made and which is issued for publication is reliable and that the assets of the Company are safeguarded. To this end, the Board has established audit, remuneration and nomination committees. The Board will hold at least four board meetings throughout the year, but in the initial investment phase, board meetings are expected to take place monthly.

 

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