PracticeAccounting FirmsSFO confirms raid on investment company

SFO confirms raid on investment company

The Serious Fraud Office has confirmed that it raided the London and Jersey offices of an investment company as part of an inquiry into the alleged 'unlawful appropriation of funds' belonging to e-commerce company Izodia.

Link: SFO charges six with money laundering

The SFO said it was ‘conducting an investigation into an allegation of unlawful appropriation of funds belonging to Izodia and possible related offences,’ adding that ‘searches were undertaken earlier this morning (Tuesday) at addresses in London and Jersey.’

Jersey-based investment company Orb, one of Izodia’s biggest shareholders, said the SFO had visited its offices in London and St Helier.

Orb director Gerald Smith told the Financial Times: ‘The SFO were seeking copies of documents in relation to Izodia which we have been happy to give. I believe our records show that we have done nothing wrong.’

In a statement released yesterday Izodia said: ‘Izodia plc notes the suspension earlier today of its shares from listing on the Official List and dealings on the London Stock Exchange’s market for listed securities. Izodia confirms that the Serious Fraud Office is investigating, in conjunction with Thames Valley Police and with the assistance of the authorities in Jersey, an allegation of unlawful appropriation of funds belonging to Izodia and possible related offences.’

The Financial Services Authority temporarily suspended trading in Izodia’s shares on the London Stock Exchange yesterday, pending a clarification of the company’s financial position.

The SFO investigation into Izodia was launched in October following a complaint.

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