Langbar launches action against former directors

Langbar International, the former AIM-listed cash shell under investigation
by the Serious Fraud Office for an alleged £365m fraud, has launched a high
court action against former chief Mariusz Rybak, finance director Jean Pierre
Regli and Abraham Arad Hochman.

The claims against the three are related to damages for deceit, conspiracy to
defraud and for breach of fiduciary duties.

Langbar had told investors last year that it had cash deposits worth £365m in
bank accounts in Brazil and the Netherlands, but it consequently emerged that
the group had no proof of that these assets existed.

Recovery expert David Buchler, who took over as Langbar’s chairman in
December, said that the group my take action against other individuals and it
sought to recover as much as possible from Langbar.

‘The fact that we have commenced proceedings against these defendants does
not mean that other parties will not be joined to the proceedings later or that
further proceedings will not be commenced. We are still not excluding anyone
from the investigation,’ Buchler said.

He added: ‘It is our intention to recover as much as possible for the benefit
of the company and its shareholders.’

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