News November 2011 Mr Geoffrey Stuart Pearson Langbar International Limited

Mr Geoffrey Stuart Pearson Langbar International Limited

16 November 2011

 

AADB PN 36

Outcome of investigation undertaken in relation to the establishment, listing and affairs of Langbar International Limited

In June 2006 the AADB began an investigation into the conduct of Geoffrey Stuart Pearson, a Member of the ICAEW, in relation to the establishment, listing and affairs of Langbar International Limited.

Following the conclusion of the investigation, the Executive Counsel has filed a disciplinary Formal Complaint with the AADB in relation to Mr Pearson’s conduct.

The Formal Complaint relates to the conduct of Mr Pearson in respect of various announcements made to the market during 2005 and his conduct in promoting Langbar International Limited to investors. In particular, the Formal Complaint alleges that Mr Pearson failed to act with due skill, care and diligence, that he made certain announcements being reckless as to the truth/falsity of the announcements and that he recklessly misled the investing public as to the true financial position of the company.

An independent Disciplinary Tribunal will be appointed to hear the Formal Complaint.

Notes to Editors
 
  1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
  2. The Accountancy and Actuarial Discipline Board ("AADB") is the independent, investigative and disciplinary body for accountants and actuaries in the UK. The AADB is responsible for operating and administering independent disciplinary schemes for these professions. The Accountancy Scheme covers Members of the following accountants' professional bodies:- the Association of Chartered Certified Accountants, the Chartered Institute of Management Accountants, the Chartered Institute of Public Finance and Accountancy, the Institute of Chartered Accountants in Ireland, the Institute of Chartered Accountants of Scotland and the Institute of Chartered Accountants in England and Wales. The Actuarial Scheme covers Members of the Institute and Faculty of Actuaries (formerly the Institute of Actuaries) and the Faculty of Actuaries (prior to its merger with the Institute of Faculty of Actuaries).
  3. The focus of the AADB is on cases which raise important issues affecting the public interest; other disciplinary cases will continue to be dealt with by the relevant professional body. The purpose of an investigation is to determine whether there is evidence of misconduct on the part of Members or Member Firms of the professional bodies. An investigation does not always mean that an allegation has been made or that there is evidence of misconduct on the part of the Member or Member Firm involved.
  4. Disciplinary complaints filed following an AADB investigation are heard by an independent Tribunal which will normally sit in public. If the Tribunal upholds a complaint, there is a wide range of sanctions which it can impose including an unlimited fine, exclusion from membership of a professional body covered by one of the Schemes and withdrawal of practising certificates or licenses.
Document created under a former FRC operating body.

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