Langbar chief in court

Investors in fraud-hit Langbar look likely to get a chance to grill the Aim cash shell’s former chief executive Mariusz Rybak. Rybak is expected to make an appearance at next week’s trial of the company’s former directors which is due to begin on Monday. (12 November)

The jury of the civil trial, to be heard at the High Court in London, will decide on a compensation claim being bought by the current directors of Langbar. Langbar has told Shares it has ‘indications’ Rybak will make an appearance.

A total of 849 private investors have joined the action in exchange for 25% of Langbar’s net assets if the claim is successful. Around £30 million is currently frozen in bank accounts following freezing orders obtained by Langbar’s current directors.

The trial, originally due to start last Monday, will unveil the events leading up to the biggest fraud ever to hit the London Stock Exchange’s Aim market. The LSE has been criticised for letting Langbar quote on Aim although it says regulation by itself can’t prevent determined acts of fraud.

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