After we invested, problems started. We tried hard to find solutions. One solution included Nurgazy buying our shares. When that did not work, we tried to buy his shares. To buy or sell shares, we need financial information. Nurgazy was hesitant to provide financial information, even though we are shareholders, and it is required by law and our agreement. After much discussions, he agreed. If you read previous articles, you will see that things are never simple and straight forward.

It took Nurgazy a few days to give us the financial information. It should not take this long. His explanation for the delay was that Mrs.C (the accountant and Nurgazy’s sister) saved it in a flash drive but her children damaged it. When I looked at the financial information, I immediately came to a different conclusion. I suspected that the numbers have been changed.

This is the financial information that Nurgazy provided. When I received the file, cell’s E to N (from March to December) was hidden.

Financial information provided by Nurgazy

When I ‘unhid’ cell’s E to N, it was all blank, there were no numbers. Instead, numbers for March to June was written in cells O to R.

Financial information provided by Nurgazy cells unhidden

What I think happened is that new numbers were written in cells O to R and then the original numbers written in cells E to H was deleted.

I did an analysis to see whether the numbers were possibly falsified. Here is a summary.

Analysis of financial information provided by Nurgazy

There are lots of inconsistencies. These will be discussed in the next article, Did Someone Change the Financials? Part 2

I am not saying that false financial information was provided. It is a suspicion. I can understand why this might have been done. When problems started, one option was for Nurgazy to buy our shares. Showing lower profits could indicate business was not doing well and we might agree to sell at a lower price. Nurgazy made offers regarding our shares but we could not accept it. We then decided to make an offer to buy Nurgazy’s shares. Showing higher profits could mean that business was doing well and we might offer a higher price.

We used the financial information that Nurgazy provided to decide what price to offer for his shares. Nurgazy asked for a higher price. We said we relied on the financial information he provided. Nurgazy must have been in a dilemma. In a text message, Nurgazy indicated that the profits are higher than what the numbers show! More on this in a later article.

 

Note: A criminal case is currently open. These are two most recent letters I received from the prosecutor.

уведомление

Opening of Criminal Case March 2018

 

Next article: Did Someone Change the Financials? Part 2

 

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