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14 Mar 2006
Langbar International, the former AIM-listed cash shell under investigation by the Serious Fraud Office for an alleged £365m fraud, has launched a high court action against former chief Mariusz Rybak, finance director Jean Pierre Regli and Abraham Arad Hochman.
The claims against the three are related to damages for deceit, conspiracy to defraud and for breach of fiduciary duties.
Langbar had told investors last year that it had cash deposits worth £365m in bank accounts in Brazil and the Netherlands, but it consequently emerged that the group had no proof of that these assets existed.
Recovery expert David Buchler, who took over as Langbar's chairman in December, said that the group my take action against other individuals and it sought to recover as much as possible from Langbar.
'The fact that we have commenced proceedings against these defendants does not mean that other parties will not be joined to the proceedings later or that further proceedings will not be commenced. We are still not excluding anyone from the investigation,' Buchler said.
He added: 'It is our intention to recover as much as possible for the benefit of the company and its shareholders.'
For more on Langbar visit www.accountancyage.com/2147316
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