PracticeConsultingL&H pair to spend extra month in jail

L&H pair to spend extra month in jail

The co-founders of troubled dictation and translation software company Lernout & Hauspie will be extending their stay in jail for at least another month.

Pol Hauspie and Jo Lernout will be eating porridge in separate Belgian prisons while an investigation into fraud and stock price manipulation is carried out.

The pair are believed to have been separated so that Jo Lernout can be treated for depression.

They were arrested late last week on charges of fraud and may face creditors’ claims of around Pounds 350m.

Philippe Bodson, L&H’s new chief executive appointed in January, said he was considering selling the company’s assets to make the payments.

An 11 June deadline has been set for US creditors to make their claims from the period before 29 November last year.

Links

L&H publishes report over accounts hole

L&H shareholders to fight KPMG

Lernout & Hauspie granted reprieve

L&H bankruptcy follows KPMG probe

  • This article first appeared on vnunet.com

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