20 October 2025
Following the announcement of an ongoing legal investigation by Turkish authorities into the sale by Park Holding AS of its media assets in Türkiye to CAN Holdings, the Board of WE Soda Ltd (“WE Soda”) engaged Paul Hastings LLP (led by partner, Stuart Alford KC) to conduct an independent legal review.
The purpose was to assess any potential money laundering exposure of WE Soda and its subsidiaries (in Türkiye and internationally) arising from the investigation. As set out in our prior announcement of 29 September 2025, WE Soda reiterates that it is not involved with the matters under investigation, and that it has not been requested to participate in the investigation.
In a written memorandum submitted to the Board of WE Soda on 14 October 2025, the independent legal review confirmed that there is no likely money laundering exposure for WE Soda’s creditors, business counterparties or customers arising from the sale of the media assets by Park Holding AS. According to the independent legal review, it saw no evidence that funds used by WE Soda in transactions with its creditors, suppliers, or other commercial counterparties are, or will be, sourced from any entities implicated in the ongoing investigation in Türkiye nor from the transaction under investigation.
The Board of WE Soda is confident that robust policies and procedures are in place within the company to detect and prevent any form of money laundering or financial crime and to ensure compliance with all legal and regulatory requirements. WE Soda remains committed to upholding the highest standards of corporate governance.
- Ends -
WE Soda
Chris Perry, Head of Investor Relations and Communications
+44 (0)208 148 5456
[email protected]
Sodali & Co (Public Relations adviser to WE Soda)
Peter Ogden
+44 (0)207 250 1446
[email protected]
WE Soda is the world’s largest producer of natural soda ash and a leading producer of sodium bicarbonate. Our purpose is “to responsibly produce essential ingredients for a sustainable future” and sustainability is integrated into everything we do. We produce soda ash with the lowest CO2e emissions intensity within our industry and we believe that we have the lowest impact on nature and the environment. For more information, please visit www.wesoda.com.
About Stuart Alford, KC
Stuart Alford KC is a partner in the London office of Paul Hastings. Mr. Alford is a specialist in financial crime with an extensive background advising on global investigations, criminal prosecutions and civil claims (in particular those involving UK and US agencies), as well as advice and representation on issues of legal privilege, directors’ duties, shareholder disputes and judicial review.
Previously, Mr. Alford was Head of Banking Fraud at the UK Serious Fraud Office. His career started with 20 years at the Bar in London, including time as a United Nations prosecutor, Legal Adviser to the Iraq High Tribunal and as a Special Advocate of the UK Attorney General. For almost a third of his career Mr. Alford has been King’s Counsel.