Langbar International

19:04 Financial Times 22 December 2006 Anomalous 1
I have a copy of the paper and the article is located at the bottom of page 2 of the Companies & Markets pull out. The article is in the section marked 'News Digest' and is very brief. It says as follows:


HOLDERS LAUNCH LANGBAR CLAIM

More than 100 shareholders in Langbar International have issued a High Court damages claim against the former cash shell, which is under investigation by the Serious Fraud Office.

Also cited as defendants to the claim, which alleges fraud and deceit, are founders Mariusz Rybak and Jean-Pierre Regli. The 132 shareholders who are bringing the claim are seeking damages in excess of £3m.

The claim is unusual for the English courts, where suits by shareholders against companies are rare. However, lawyers for the investors say that the circumstances themselves are "quite extraordinary".

Langbar has already commenced High Court proceedings against its two founders and others.

However, an application has been subsequently made by Mr Rybak to strike this out, although hearings have not yet taken place.

Nikki Tait