One of the many bizarre aspects of the scandal at
Langbar International is that Stuart Pearson, the former
chairman of the cashless cash shell, presented himself as
an improvement in corporate governance.
Virtually the first thing Pearson did when he clambered
aboard Langbar last June was to start buying up his other
businesses. First up was Langbar Capital, a firm that had
started trading only eight months earlier, and whose principal
asset was £116,000 of goodwill created from buying the services
of one Stuart Pearson. As vendors, Pearson and his wife received
2m shares - then thought to be worth more than 4m.
Next up was Real Affinity, a troubled marketing firm chaired by
Pearson that had been forced to lay off staff to ease its
financial difficulties. Real Affinity's results on Friday
revealed a thuumping loss. Just why did Pearson try to buy
Real Affinity for £2.6m? The deal never went through - but only
because Pearson stumbled across an alleged £350m fraud at Langbar."
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