Previously Crown Corp, CCO. Institutional interest now and the Co has changed it's name for a fresh beginning. Still very speculative, but what isn't? but just a case of investing the huge amount of Cash sitting in a Brazilian bank a/c. There's no real difference here to an emerging markets investment fund apart from the obvious and very attractive discount to NAV of approx 75% !!!!!

lol!

unreal. due diligence indeed. deserves to be strung up for incompetence.

Some LGB fools on advfn think they will get their money back. Amazing.

Unless you have not invested in this company,there are or will be plenty of hopefuls who must be praying for some thing back,as even myself who has been a victim as well,and hoping for the best outcome,which i know is very difficult but you never know,still hoping.

Pearson is surely the culprit here. He never did meet anyone from the BANCO DE BRASIL in SAO PAULO ...and BANCO DE BRASIL never did give Pearson any evidence of the 150m cash deposit. How could Pearson be such a mug......and i mean that nicely as the best of businessmen could have stood in Pearson's shoes on that occasion.
PEARSON did visit BANCO DE BRASIL and he did so at the SAO PAULO premises of that bank.... so what went wrong?
The person Pearson met at those premises conned him. Pearson and the other person met in the banking hall (!!!!!) of the bank and went into a side room(!!!!). The person was not an official of the bank....he was a conman !!
It was agreed that there be a further meeting the next day and that be at an office elsewhere in the city. At the office there were logos of the BANCO DE BRASIL on the windows .....i wonder how much it cost to insert those logos??
The evidence at both meetings was sufficient to convince PEARSON that the 150m. was there in the bank in cash.
Two problems: the so called evidence was fraudulent and it was a conman who produced it ----and, of course there was no 150m. in the bank

the whole episode brings to the fore two aspects which i learnt over past years:
(a) tell someone what they want to hear and they are highly likely to believe you
(b)if you are investigating anything then believe nothing at all...and prove each and every step backwards to your own independent high standards of proof

i recall a property developer who was asked by a bank for a certain particular report which, in normal course, was impossible to achieve. This developer simply arranged for the formation of a limited company elsewhere with a suitable title....that company duly produced its report . and the very substantail loan money was advanced .

on occasions over the years i have been conned.....and really i have admiration for the culprit. it is breathtaking (or moneytaking) the way the conman operates. He needs to be good at his ploy as the penalty for failure is so great

you will find it easier to con a truly honest man......which is why i was caught.
i anticipate that PEARSON was easily caught because he was so very honest ..plus he was looking for evidence of the deposit and not evidence of fraud. If he was looking for evidence of fraud then he must be surely damned if the story i have put forward is indeed correct which i have reason to believe is so

where are Paulmasterson1 and Robstuff ??????

where is PaulMasterton1 and Robstuff

mpw777, PM1 has been banned from using this site, look on the Stanelco board if you can be bothered, you'll have to go back several thousand posts though.

FRAMPTON thank you for your posting no. 364

i realise that stirring can come with various recipies there can be one ( or two ) which spoil the pot

i was very critical of HIGHBURY ....AND LOOK WHAT HAS NOW HAPPENED

i am even more critical of MILLFIELD ......it will be a real shocker if life offices such as Friends Provident and Norwich Union plus , say, STANDARD LIFE drag MILLFIELD out of the mire. those offices will , no doubt, use the policyholders' with profits fund which is a disgrace. all to protect their new business flow.

if my contention is not correct then valid information from valid sources will be welcome

mpw777, I forgot to add, PM1 now appears to be posting on the Stanelco board as "Red Erik", I don't suppose he'll ever reappear on this board though!
I agree with you about Highbury.

This looks more ridiculous by the day.

Pearson may not be guilty of anything other than criminal neglect of ensuring shareholders investments.

Prufrock: Tripped up by Langbars samba (EDITED BY LOUISE ARMISTEAD)

Prufrock: Tripped up by Langbars samba
EDITED BY LOUISE ARMISTEAD



PRUFROCK was delighted to learn last week that it is gaining readers in Brazil distinguished ones at that. Augusto Brauna, international director at Banco do Brasil, enjoyed my story about a meeting in S Paulo between a lawyer supposedly acting for the bank and Stuart Pearson, the hapless accountant who has taken over as chief executive of Langbar International. Langbar, nCrown Corporation, claimed to be the biggest cash shell on AIM until Pearson belatedly discovered it had no cash. Langbar is now under investigation by the Serious Fraud Office.
Brauna was particularly tickled by the suggestion that Latin Americas biggest bank would resort to meeting important clients in a law firm with the banks logo plastered all over its windows to lend credibility, you understand.



Its absolutely ridiculous, he said. Banco do Brasil has never dealt with Mr Pearson or anyone relating to Langbar. That includes Marius Rybak, Pearsons predecessor, finance boss Jean-Pierre Regli, and Avi Arad, the firms principal backer. Regli and Arad, with Keith Smith at adviser Nabarro Wells, also had a meeting with Banco do Brasil or thought they did.

There has never been any deposit in Banco do Brasil coming from Crown or Langbar or any of these gentlemen, said Brauna. Weve never had any contact with them.

Brauna took one look at Crowns accounts, which show a certificate of deposit (CD) for $275m, and decided it was fraudulent in not much more than 30 seconds. The bank doesnt issue CDs abroad. The huge amount and the stated interest rate illustrated its clearly a fraud. It doesnt make any sense at all.

If it was so obvious, why didnt Nabarro Wells, or the firms other advisers, spot the warning signs

see my posting no. 361 and the posting no. 367 .....is PEARSON a complete idiot. one aspect is certain PEARSON could not have acted on a more idiotic basis.

mpw777

The fat that Pearson is a complete idiot is the only certainty in this shambles. The lawyers, Nabarro Wells, are in for a legal pasting and they might as well hold their hands up now and pay up.

for those who are in agony over their financial loss i see LANGBAR HAVE ANNOUNCED TO-DAY SEVERAL DIRECTOR/EXECUTIVE CHANGES. THE BIG DEAL IS THAT PEARSON REMAINS
David Buchler will now be executive chairman
the joint drilling venture with GLOBAL will not now proceed

PEARSON REMAINS............................ to carry the can no doubt!

mpw777,

In the circumstances, I think his remaining is positive, as only he KNOWS what transpired, and if he goes, all that will be left is speculation.

he may be naive, but not a criminal , yet anyway!

Wouldn't bet on it.