BusinessCorporate FinanceLangbar in search for £350m

Langbar in search for £350m

Langbar is latest cash shell listed on AIM to encounter difficulties in establishing whereabouts of cash assets

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
in June.

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.

Related Articles

Grant Thornton recruits new corporate finance partner

Accounting Firms Grant Thornton recruits new corporate finance partner

10m Emma Smith, Managing Editor
Total fraud value at £2bn five-year high, finds BDO

Accounting Firms Total fraud value at £2bn five-year high, finds BDO

11m Stephanie Wix, Writer
MHA MacIntyre Hudson appoints corporate finance director

Accounting Firms MHA MacIntyre Hudson appoints corporate finance director

11m Stephanie Wix, Writer
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
KPMG announces senior partner promotion in Newcastle

Accounting Firms KPMG announces senior partner promotion in Newcastle

11m Stephanie Wix, Writer
Independent city firm reports 70% growth

Accounting Firms Independent city firm reports 70% growth

11m Stephanie Wix, Writer
Tax avoidance crackdown sees 80% jump in additional HMRC revenue

Accounting Firms Tax avoidance crackdown sees 80% jump in additional HMRC revenue

11m Stephanie Wix, Writer
Making Tax Digital: the "unexpected item in the bagging area"

Accounting Standards Making Tax Digital: the "unexpected item in the bagging area"

11m Stephanie Wix, Writer