IKOS Wishes to Address Serious Allegations Contained in a Financial Times Article of December 16th 2011

LONDON, December 19, 2011 /PRNewswire/ --

The Board of IKOS CIF wishes to relate the following key facts:

1. Martin Coward ("Coward") has admitted in UK Court filings in September 2011 that he downloaded without permission IKOS' Intellectual Property codes before he left the company in December 2009.
   
2. Hogan Lovells, his lawyers, will imminently hand over to an independent third party a red laptop and hard drive on to which he downloaded the codes and which he deposited with Mr Grierson (a partner with that firm prior to his recent dismissal).
   
3. He has already tried to abandon his claim to ownership of the IP in England in May 2011.  The IKOS Board has been repeatedly subjected to Coward's strategy of filing spurious claims for the purposes of publicity, only to see him abandon those claims subsequently.  For the benefit of its investors, the IKOS Board responded by insisting that this issue be tried by the English Courts.   Coward's claim is misconceived and IKOS looks forward to the Court dismissing it in its entirety, dealing conclusively and finally with any claims. The IP belongs to the IKOS structure.
   
4. There is a pending conspiracy action against Coward and others concerning their alleged plot to damage IKOS and their alleged unlawful plans to establish a competing hedge fund (whilst still IKOS employees) using IKOS' total hedge fund blueprint, including documentation, IP and structures.
   
5. There are also criminal investigations into associates of Coward, including David Burns, George Dowdye, Nathalie Practico and Vincent Pfister.  Mr Pfister has already been found guilty of contempt of court.   Coward's lawyer, Chris Grierson, is bailed to appear at a London Magistrates Court in January 2012, in relation to various theft-related offences.
   
6. Proceedings have been issued in London against Coward's surveillance agents, Dilitas Limited, concerning illegal invasion of privacy and harassment.  
   
7. Coward has not pursued his spying claims against IKOS. Elena Ambrosiadou was not served with such a claim.   The Board of IKOS notes this as a further example of abuse of the court process to obtain publicity without any intention of pursuing legal action and having the matter scrutinised in a court of law. 
   
8. IKOS will continue to take all necessary and proportionate steps to protect its business, its property and the interests of its investors. 

The FT article portrays the disputes with Coward as being personal in nature.  The fact is that IKOS, an established and regulated hedge fund, is protecting its rights against Coward's unlawful attempts in various jurisdictions to misappropriate its property and damage its reputation.

Board of Directors of IKOS CIF Limited

http://www.ikos.com.cy

Authorised and Regulated by the Cyprus Securities & Exchange Commission (License Number 060/05)

Registered as an Investment Advisor with the US Securities & Exchange Commission

Registered as a Commodity Pool Operator and a Commodity Trading Advisor with the CFTC

SOURCE IKOS