BusinessBusiness RecoveryKPMG among those to go on trial in Brussels

KPMG among those to go on trial in Brussels

Big Four firm faces damages claim of between £127m and £152m at trial of bankrupt IT group Lernout & Hauspie 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
scandal.

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

Belgian
Enron On Trial at Last

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

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