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Langbar shareholders in limbo
THOUSANDS of private shareholders in investment firm Langbar International face the prospect of losing their money after the company admitted it may have been the victim of serious fraud.
Langbar had claimed it had rights to £365m worth of cash deposits held with Banco do Brasil in Rio but an investigation has found that the money may not exist.
The shares were suspended on October 12 while risk consultancy firm Kroll investigated the validity of the deposits. The company had only announced on 6 September that it managed to release the funds from Brazil to ABN Amro in Amsterdam.
In a statement the company said: 'Kroll has reported to the board that, following its initial investigations, it appears likely that the company has been subject to a serious fraud affecting the relevant assets.
'Kroll has not been able to establish the existence of, nor verify the company's entitlement to, any of the relevant assets at any time in the company's history.'
Suspicions were raised after majority shareholder and former chairman Dr Mariusz Rybak dumped a large chunk of his shareholding without informing the market.
The company, previously known as Crown Corporation, was popular with private investors due to the fact that its supposed Net Asset Value was significantly above its share price.
At the time of its interim results on 30 September, chief executive Stuart Pearson said the NAV was 205p per share when the actual share price was bouncing between 75p and 85p.
However, the high NAV was dependent on the Brazilian funds existing and fears over the cash deposits validity sent the share price down to 50p at the time of suspension.
Langbar said that it has informed the police of the alleged fraud and would take legal action against any parties involved. Private shareholders of the company have already started an action group to try and claw back some of their money.
As a result of Kroll's finding, Langbar has pulled out of a deal to buy Aim-listed marketing minnow Real Affinity.
Company spokesman Michael Padley said: 'It's all very odd. A reputable firm of accountants said the money was there, a reputable firm of lawyers said it was there, there are written contracts saying it was there.
'At the moment there are more questions than answers. It's up to Langbar's lawyers to find out what has happened.'
The company has approximately £4m in its coffers to fund its legal action.
Langbar shareholders in limbo
THOUSANDS of private shareholders in investment firm Langbar International face the prospect of losing their money after the company admitted it may have been the victim of serious fraud.
Langbar had claimed it had rights to £365m worth of cash deposits held with Banco do Brasil in Rio but an investigation has found that the money may not exist.
The shares were suspended on October 12 while risk consultancy firm Kroll investigated the validity of the deposits. The company had only announced on 6 September that it managed to release the funds from Brazil to ABN Amro in Amsterdam.
In a statement the company said: 'Kroll has reported to the board that, following its initial investigations, it appears likely that the company has been subject to a serious fraud affecting the relevant assets.
'Kroll has not been able to establish the existence of, nor verify the company's entitlement to, any of the relevant assets at any time in the company's history.'
Suspicions were raised after majority shareholder and former chairman Dr Mariusz Rybak dumped a large chunk of his shareholding without informing the market.
The company, previously known as Crown Corporation, was popular with private investors due to the fact that its supposed Net Asset Value was significantly above its share price.
At the time of its interim results on 30 September, chief executive Stuart Pearson said the NAV was 205p per share when the actual share price was bouncing between 75p and 85p.
However, the high NAV was dependent on the Brazilian funds existing and fears over the cash deposits validity sent the share price down to 50p at the time of suspension.
Langbar said that it has informed the police of the alleged fraud and would take legal action against any parties involved. Private shareholders of the company have already started an action group to try and claw back some of their money.
As a result of Kroll's finding, Langbar has pulled out of a deal to buy Aim-listed marketing minnow Real Affinity.
Company spokesman Michael Padley said: 'It's all very odd. A reputable firm of accountants said the money was there, a reputable firm of lawyers said it was there, there are written contracts saying it was there.
'At the moment there are more questions than answers. It's up to Langbar's lawyers to find out what has happened.'
The company has approximately £4m in its coffers to fund its legal action.
