KPMG among those to go on trial in Brussels

KPMG and financial services group
Dexia are to face damage claims as
the trial of bankrupt IT group Lernout & Hauspie begins in Brussels today.

Jo Lernout and Paul Hauspie, the well-known founders of the speech
recognition company have been included in a list of individuals whom the
Ghent-based Court of Appeal is set to charge.

The company filed for bankruptcy six years ago in the wake of an accounting

Investors have brought criminal charges against the group, alleging the
making of false statements, misrepresentation of financial products and
manipulation of markets, reported.

The daily L’Echo reports that about 230 parties have brought charges
to court, including Test-Achats and Deminor, who are together pleading the case
of 15,000 minority shareholders, while La Libre Belgique reported the
estimated value of damages sought to be between £127m and £152m.

The trial is likely to last until the end of the year.

Further reading:

Enron On Trial at Last

& Hauspie fraud trial starts; Dexia, KPMG among those charged

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