Can this be True - IZODIA almost overbought ?

jesus wepped ...... you peeps are pathetic ..... you seem to have a complete disregard for the time you waste ......... grow up








Spotlight on Izodia auditor's dual role
Patrick Hosking, Evening Standard 27 December 2002

ACCOUNTING firm BDO Stoy Hayward has been drawn into the troubles at former dotcom star Izodia where the Serious Fraud Office is investigating 'an allegation of unlawful appropriation of funds...and possible related offences'.


It has emerged that BDO was auditor to both the alleged victim Izodia and Orb, Izodia's largest shareholder, whose offices in Jersey and London were raided by the SFO last week.


BDO, a mid-ranking firm which has spent the last decade repairing a reputation dented by its role as auditor in the Polly Peck scandal, denied its dual audit role created a problem. 'At no point has BDO Stoy Hayward provided any services that could be considered to constitute a conflict of interest,' said spokeswoman Melissa Deegan.


It was not BDO's job to ascertain whether the cash was safe, she insisted - that was management's job. 'It is not the role of an auditor, whose primary responsibility is to report to shareholders on the financial statement produced by the company,' she said.


Shareholders are anxious about the whereabouts of £33m belonging to Izodia, a former software company which was worth £2.4bn at the top of the dotcom boom when it was called Infobank, but is now reduced to its cash pile.


Alarm has increased since Izodia refused to provide major shareholders with copies of bank statements confirming the whereabouts of the cash. Attempts to install more independent directors on to the board this week failed. Investors are now considering attempting to requisition a extraordinary meeting.


Orb director Gerald Smith, who was jailed for two years in 1993 for stealing £2m from a company pension scheme, said the money had been moved to Jersey 'for tax optimisation purposes'.


Investment banking boutique Navigator, financial adviser to Izodia, is reportedly planning to resign because of Orb's failure to co-operate with shareholders.


Izodia shares were suspended at 44p when the SFO investigators moved in.



©2002 Associated Newspapers Ltd.





....... and from the Times


December 28, 2002

Attempt to oust Izodia director
By Joanne Hart



FURIOUS shareholders in Izodia, the troubled dot-com company, have scheduled a special meeting for early next month to try to appoint new directors and vote an existing director off the board.
Rebel shareholders, including M&G, a Prudential subsidiary, and Morley Fund Management, are dissatisifed with the performance of Izodia’s two directors, Peter Catto and Jarlath Vahey. At the meeting, they will try to remove Mr Vahey and appoint three new directors –– Colin Kingsnorth, of Laxey Partners, the active investor group; Nicholas Measham, of JO Hambro Capital Management; and Rory Macnamara, a freelance financier formerly with Lehman Brothers and Morgan Grenfell.

The move comes after the Serious Fraud Office last week said it had raided addresses in London and Jersey in relation to inquiries into “an allegation of unlawful appropriation of funds belonging to Izodia plc and possible related offences”.

Investors are concerned about the whereabouts of £33 million of shareholders’ funds. “We want to know where the money is,” one investor said.

Izodia’s shares, which hit £40 at the height of the internet boom, were suspended at 44p after news of the inquiry.

Izodia’s largest shareholder, Orb, a property concern holding about 29 per cent, admitted its offices had been raided as part of the SFO inquiry.

Earlier this year, Orb was said to be interested in bidding 59p a share for Izodia, but no offer was made. Shareholders now want to install new directors and liquidate Izodia.