Langbar International Limited V Rybak et al

Case won against Rybak. At least 5 more to go for!

Langbar International Limited
v
(1) Mariusz Rybak/Izabela Rybak , - £30M
(2) Jean Pierre Regli,
(3) Abraham Arad Hochman,
(4) Lambert Financial Investments Limited,
(5) CMC Crown Management Limited
(6) SCI Atol

This Thread is for the sole discussion of the Langbar International Limited V the defence court case

http://www.langbar.com/

LANGBAR
INTERNATIONAL
05 June 2008

Court proceedings update

To All Shareholders,

As set out in the previous update posted on 21 April 2008, Langbar has recently agreed to settle the civil proceedings that had been brought against the Rybak Defendants. The terms of settlement have been embodied in an order approved by the Court and require Langbar to be paid a sum of approximately £30 million.

Whilst Langbar has begun to collect in the settlement monies, a significant proportion of the funds are represented by property and long-term investments situated or held in various jurisdictions. Other funds remain subject to foreign freezing orders. Work is continuing to liquidate the investments and to vary or
discharge the injunctive relief. By the end of this year. subject to compliance by the Rybak Defendants, all payments due under the terms of the settlement are to be received by Langbar by 31 December 2008.

In the circumstances, and taking account of Langbarʼs existing and estimated liabilities (including the legal costs incurred in connection with the civil proceedings), the Board of Directors have not yet reached an assessment valuing Langbarʼs Net Assets at a sum in excess of £10 million pursuant to the terms of the Scheme of Arrangement. This will be reviewed again as soon as all the funds have been recovered. Accordingly, the Special Payment mechanism set out in the Scheme has not yet been triggered.

In addition to the ongoing collection of the settlement monies from the Rybak Defendants, Langbar is currently reviewing with its advisors the potential steps to recover further funds. These include (i) obtaining and enforcing judgment against the remaining defendants in the civil proceedings, namely Mr Abraham Arad Hochman, Mr Jean-Pierre Regli and Lambert Financial Investments Limited, and (ii) the consideration and, if appropriate, commencement of additional proceedings against other parties to recover the residual losses incurred by Langbar and/or its shareholders as a result of or relating to the fraud. Further information about
these recovery procedures will be provided in due course.

On a separate issue, Langbarʼs audited accounts for the period ending 30 June 2007 will soon be prepared and will be published as soon as they are available. These will be followed by the Annual General Meeting which is expected to take place after the Autumn 2008. Further details regarding the location and date of the
AGM will be released later this year.

Yours sincerely
David Buchler
Chairman

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Ex-boss to pay Langbar £30m
By David Litterick
Last Updated: 12:57am BST 22/04/2008

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/22/cnlang122.xml

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Good in depth article about Rybak. Dated 5th November 2007

Part 1 http://www.canada.com/ottawacitizen/news/observer/story.html?id=b300f4cd-3412-4881-8953-80463aedf32b

Part 2 is http://www.canada.com/ottawacitizen/news/observer/story.html?id=42021152-6f2f-48c7-be26-b1b274b706af

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Agreement will cost entrepreneur almost everything his family owns (3 pages)

http://www.canada.com/ottawacitizen/story.html?id=a9025b00-d570-4386-9423-9a1e7366c16d&k=77963&p=1