Langbar International

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r33skyline - Fri, 30 Dec 05 :





The company was run in recent months by Stuart Pearson, the former Baker Tilly financier in Leeds, from his home in Stainburn.
Pearson was brought on board as chief executive by Mariusz Rybak, who founded the investment company Crown Corporation whose name Pearson changed to Langbar after the village near Ilkley.
Now Pearson has stepped down as chief but remains an executive director. The recovery expert David Buchler is in charge as executive chairman.
The shares are suspended on the Aim market, independent auditors have said Langbar is likely to have been the victim of a £365m fraud. The Serious Fraud Office is investigating and people close to the company say some participants will go to jail.
But who? Langbar is a company registered for tax reasons in Bermuda and has most of its alleged assets in Brazil via a clutch of investors in Argentina. Rybak is a Pole who made his way in Canada and now lives in Monaco.
Pivotal players in the story are Wolfgang Menzel, Swiss banker who made crucial business connections with Abraham Arad, an Israeli who had contacts with investors in Argentina.
Stop, please. I'll write more on this tangled web in the New Year.
All I would add is that in more than 12 years writing about business for the Yorkshire Post I've never had so many e-mails and phone calls about a single company.


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