More News on Globo Case

Globo was a company subject to a large fraud back in 2015 which caused the company to collapse and investors lost everything. Shareholders might have thought that any legal proceedings were dead but not so. The FCA have published a note on how they have been progressing the case which is here:

In summary despite the Greek courts rejecting extradition requests to face criminal charges against the former CEO and CFO, the FCA is now progressing a civil case and the High Court has rejected an application to strike out the proceedings.

As a former shareholder in Globo it is good to hear that the case is still being pursued although I did not lose money on my shareholding having decided that there were too many unexplained and unaccountable problems being reported and therefore selling before it went bust. But many other shareholders were not so lucky.

After 7 years it would be good to have some conclusion on this example of how fraud can fool auditors such that the reported accounts were a complete fiction.

Roger Lawson (Twitter:  )

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