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21 May 2007
KPMG and financial services group Dexia are to face damage claims as the trial of bankrupt IT group Lernout & Hauspie begins in Brussels today.
Jo Lernout and Paul Hauspie, the well-known founders of the speech recognition company have been included in a list of individuals whom the Ghent-based Court of Appeal is set to charge.
The company filed for bankruptcy six years ago in the wake of an accounting scandal.
Investors have brought criminal charges against the group, alleging the making of false statements, misrepresentation of financial products and manipulation of markets, forbes.com reported.
The daily L'Echo reports that about 230 parties have brought charges to court, including Test-Achats and Deminor, who are together pleading the case of 15,000 minority shareholders, while La Libre Belgique reported the estimated value of damages sought to be between £127m and £152m.
The trial is likely to last until the end of the year.
Further reading:
Belgian Enron On Trial at Last
Lernout & Hauspie fraud trial starts; Dexia, KPMG among those charged
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