Italy’s Azimut-Benetti Group has cancelled its Turkish dealership agreement with Concept Marine over allegations of fraud by a company partner.

According to reports in the Turkish media, Moris Algazi, a partner at Concept Marine, has allegedly fled the country with US$20m of client money and another US$30m in bank credit.

It is said that no one, not even the co-founder of Concept Marine, is able to reach Algazi at the moment.

Concept Marine has refused to comment, other than to say that the amount of money taken from clients has been exaggerated by the press.

Company co-founder Haluk Gündoğdu issued a press release last week to say that Concept Marine is going through difficult times.