Langbar International is still trying to confirm the existence of its major
asset £350m in cash deposited in foreign bank accounts.
A spokeswoman confirmed that Langbar had appointed independent accountants to
establish the existence of its cash assets, but refused to reveal the firm’s
name, saying the information was ‘not in the public domain’.
Langbar, formerly known as Crown Corporation, is audited by a small Spanish
firm, Gironella Velasco Auditores SA. The spokeswoman would not say whether
Langbar’s auditors were the firm assessing the group’s assets Crown Corporation
was floated by Canadian Mariusz Rybak in 2003, and renamed Langbar International
when former Baker Tilly corporate financier Stuart Pearson took over the company
Langbar is the latest cash shell listed on AIM to encounter difficulties in
establishing the whereabouts of cash assets.
Rival cash shell Easier saw two auditors, Brebner Allen & Trapp and
Deloitte, resign because they were unable to acquire information relating to
Easier’s £5.3m cash assets.
Boustead, meanwhile, had a run in with auditors Kingston Smith, who said in
February that there were ‘outstanding concerns’ relating to documentation of a
£2.6m cash asset.
There are more than 80 cash shells listed AIM. By April 2006, they will have
to complete mergers or reverse takeovers by private companies and begin trading.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.