Globo was an AIM listed company subject to a large fraud back in 2015 which caused the company to collapse and investors lost everything. Alleged cash on the balance sheet was non-existent. Despite investigations by the FCA and FRC (re the audit) no action resulted.
The FCA have published a final report on the matter which shows that the Greek authorities failed to make anything stick – see https://www.fca.org.uk/news/statements/fca-discontinues-criminal-proceedings-konstantinos-papadimitrakopoulos-dimitris-gryparis
There was never any hope that investors in Globo would recover anything but there are some conclusions to be drawn from this: 1) Do not trust the accounts of companies particularly those with Greek associations; 2) Don’t ignore “short” reports attacking companies – sometimes they are right, although not always.
Do not take any reports from me as being supportive of companies or recommendations to invest in them. My comments on Globo at the time simply reported on what the company said in announcements or at AGMs. If I was sceptical about comments from third parties it was because shorters often exaggerate their case.
Roger Lawson (Twitter: https://twitter.com/RogerWLawson )
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An extraordinary tale, where the “story” started to unravel with photos from the shorters of very scruffy flats said to tb things like Globo’s UK headquarters. The Wirecard fraud started unravelling in the same way.