Imanagement Services

This action is for breach of an alleged oral contract. The plaintiff Imanagement Services, Ltd., is a British Virgin Islands corporation. The defendant Mehmet E. Karamehmet is a resident of Turkey. Plaintiff claims that Karamehmet wished to acquire a majority stake in a Turkish oil refining company known as Tupras Tukeye Petrol Rafinerseri As ("Tupras"). According to plaintiff, the defendant asked it to pursue various lawful means to discredit a competing bid for Tupras by a Russian company and to delay the closing of the Tupras sale to this company so that defendant would have time to submit a rival bid. Pursuant to the alleged agreement, plaintiff would be compensated for its efforts with a 2% stake in Tupras in the event that defendant was ultimately successful in acquiring the company. In the event defendant was not successful, he allegedly agreed to reimburse plaintiff for the costs it incurred on his behalf.