Pearson still haunted by Langbar

The probe will look at the conduct of Pearson at the shell company, when it failed to verify the existence of a £365m bank deposit.

Pearson resigned in 2006 after calling in the Serious Fraud Office and the City of London police when it emerged that the company could not find evidence of the existence of the cash, which was allegedly deposited in a Brazilian bank.

The AIDB said it would investigate Pearson, a member of the ICAEW, over his role in the establishment, listing and affairs of Langbar, which was formally known as Crown Corporation.

Langbar is currently led by recovery expert David Buchler, who was called in to salvage something for shareholders after the company was suspended from AIM in October last year.

Buchler has recovered £3m so far and has successfully applied to the High Court an asset freezing order in February against former Langbar finance director Jean-Pierre Regli, who was subsequently sentenced to a six month term at Pentonville for failing to comply.