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.

Related Articles

Where is your next client coming from?

Accounting Firms Where is your next client coming from?

21h James Noble, Propero Partners
Specialist VAT service provider joins MHA

Accounting Firms Specialist VAT service provider joins MHA

1d Austin Clark, Reporter
Grant Thornton expands financial services regulatory team

Accounting Firms Grant Thornton expands financial services regulatory team

1w Austin Clark, Reporter
Top 50+50: Revenue rises spark rankings shake-up

Accounting Firms Top 50+50: Revenue rises spark rankings shake-up

2w Emma Smith, Managing Editor
BDO strengthens Bristol team with new audit partner

Accounting Firms BDO strengthens Bristol team with new audit partner

2w Austin Clark, Reporter
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2w Alia Shoaib, Reporter
Top 50+50: Firms fall short on diversity

Accounting Firms Top 50+50: Firms fall short on diversity

2w Alia Shoaib, Reporter
Top 50+50: Big Four hold steady, shake-up outside Top 20

Accounting Firms Top 50+50: Big Four hold steady, shake-up outside Top 20

2w Emma Smith, Managing Editor