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Interesting News
With thanks to JD Hurry and ADVFN
06 December 2005
The story of delisted oil-environmental marketeers Diversified Investment Strategies Inc (DIA) is not too dissimilar to Crown/Langbar's.
DIA released a series of RNS-equivalents about how great they were doing.
DIA's auditors resigned after withdrawing their report on the company's finances.
A CTO (Cease Trade Order) was issued by the Alberta Stock Exchange after the company failed to file its accounts.
Like Rybak/Lambert, it transpired that the major shareholders (ie. the directors) had failed to file holdings notices for years.
Malcolm Stevenson, President, made 329 share transactions (13% of all trades)over a 25 month period netting him nearly $2 million dollars.
Gunter Steffenson, Director, made 429 share transactions (11% of all trades) over a 32 month period netting him nearly $2 millions dollars (he's now a director of listed exploration co. Thelon Ventures Ltd).
In one particular month, the share price increased 130% while these schmucks did much of the selling on the sly.
Other DIA directors involved in the scandal included:
Abraham Arad
Wolfgang K.Menzel
A Meeting with the Management
06 December 2005
A meeting is being arranged at Edwin Coe, for a group of the shareholders to put their questions to Stuart Pearson. It is intended that there will be representatives from the Institutionals and other holders as well. Numbers will be limited to about 45 or 50. If you do wish to attend, you will need to send a message stating so through the contact page on the website.
Although the date has not been fixed, because the management are rather pre-occupied this week, a date has been penciled in for 15 December 2005.
If you would like to attend this meeting, you will be required to bring proof that you are a Langbar shareholder, such as a contract note or a share certificate, or a broker statement and we would ask that all shareholders treat each other with respect, especially the management.
There is a list of questions on the Q & A page, but if you can think of some more, please bring them along. It is possible that some of the questions can not be answered, because of ongoing litigation. However, the management will refer shareholders that continue to ask questions that were answered to the website.
The coordinators will email an update on this meeting in the next couple of days.
Personal Details
06 December 2005
In order for the coordinators to make a proper list of the members, prior to any litigation, they need to collect more information from you. Some have only sent in their ADVFN ID and their email address. As we said in our first Group email, we need the following:
BULLETIN BOARD ID
FULL NAME
FULL ADDRESS
TELEPHONE NUMBER
EMAIL ADDRESS
NO OF SHARES HELD
VALUE OF SHARES HELD
All information will be held in the strictest confidence and is only intended to facilitate contact between the coordinators and the members. Can you please ensure that you respond to the emails. Make you membership count.
SFO AGREE TO INVESTIGATE LANGBAR
SFO NEW RELEASE
29 November 2005
Serious Fraud Office to investigate Langbar
The Director of the Serious Fraud Office, following a preliminary assessment of information referred by the City of London Police, has authorised the commencement of an investigation in relation to Langbar International Limited.
Notes for editors:
1. Langbar International Limited, a diversified holding company (formerly named Crown Corporation Ltd) is listed on the Alternative Investment Market of the London Stock Exchange. Trading in its shares was suspended, at the company’s request, on 12 October 2005.
2. On 25 November 2005, Langbar issued a statement via the London Stock Exchange’s regulatory news service announcing that it could not establish the existence of, nor verify its entitlement to, bank deposits with ABN Amro BV and Banco do Brazil amounting to around £370 million and that it had informed the UK authorities of the situation.
3. The City of London Police undertook an initial assessment and on 31 October 2005 notified the Serious Fraud Office (SFO). The City of London Police will provide officers from its Economic Crime Department to be part of the investigation team.
4. The SFO is a government department headed by the Director who operates under the superintendence of the Attorney General. It was established under the Criminal Justice Act 1987 and is empowered to investigate and prosecute cases of suspected serious and complex fraud.
Serious Fraud Office
Address: Telephone:
Elm House Press Office tel. 020 7239 7000/7001
10-16 Elm Street Mobile 0781 807 6688
London WC1X 0BJ Main tel. 020 7239 7272
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