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.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
Six new partners have been revealed by top ten firm Mazars