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I wouldnt have thought so as these fines are pitiful and shareholders probably lost everything. There are no consequences for Auditors when things go belly up. I bet they will probably get away with the GBO fiasco with a fine while Shareholders get nought. I believe GT is the 5th largest Firm with turnover in excess of £1billion and senior partners get well over 7 figure Remuneration

Biotech is very volatile. OXB had reached over £1 about 15/20 years back when Professor Kingsman and his wife, both now retired cashed in but it has been like a yoyo. sometimes, news come in that they are on the cusp of a major breakthrough and then everything deflates so I cant hold my breadth. Afterall Neil Woodford has just lost $70 million with an American Bio and he has more research ability. Wel if it comes off that will be good for my Retirement. I had a choice between Cambridge Antibody and OXB. i wish I had split the investment as Cambridge Antibody shot up 1000% and OXB still a yoyo

GT heavily censured by SEC and 2 Audit partners barred for several years and pay £2m penalty and forfeit £1m in Audit fees. I have uncovered several other blunders with GT Audits. Once Administrators and FCA reports are out, we will know next course of action. Best if FCA an Administrators pursue this. I cant understand how GT gave a clean bill of health to a motley crew and company which was so fraudulant

Standard Reply. I wonder what the FCA will report?

what take over. The Hedge fund made bucketful at the float @2.15. I think they still own around 50% of HS. At this time it is in a dark alley until results next year.

Asburyjukes, I take your point. Lets all become Auditors, take £300,000 in fees, sign off and fly to Bahamas with Costis. where is he? If ever there is a case of Gross Negligence, this is it. Fictitious Sales, Capitalising Revenue expenses. Massive Debtors (over40% of sales) at year end and where is the cash? in an offshore account. somebody says the Registered Office was a semi detached house in Tonbridge so where were the Accounts kept. (probably Company secretary's house) Also FD not a finance man. How did he explain everything or were they fed oranges by Costis and what happened to other Directors who took Remuneration and watched over FA.

Mr BB, your sentiments are shared. It seems everybody milks a company and Shareholders pay for it. I cant understand how all the ''experts'', you have highlighted continue to get away. Gennacord recommended HSS Hire at £2.15 and that share has tanked to below 60p. what in heavens name is going on?

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=GBO&ArticleCode=socqhbe2&ArticleHeadline=Globo_Plc_In_Administration_the_Company

See Sharesoc report today. It is an awful scenario for Shareholders

see Sharesoc report. it is a sorry state of affairs. Only recourse is to the Auditors but depends on FCA and Administrators findings. Fraud on this scale is unusual for GT not to have detected. Best way forward would be for Administrators to issue proceedings but also ICAEW shouldpursue this

Chris Smith is the partner at GT (based in Euston) who signed off the 2014 Accounts. Apparently his expertise is in Audit and Assurance. He is the Regional Technical Audit Partner and Head of Financial Reporting Advisory Group. Well Well!!!!

Is OXB involved in this? It is a different company

I am surprised there is no mention in the Broadsheets about Globo especially when it has high profile investors like Legal & General, Hargreaves Lansdown, Standard Life and other funds. Surely, they would be taking a lead unless they are waiting for the Creditors meeting, FCA and Administrators Report. Also the Auditors are very quiet (I suppose preparing their devence as S*** hits the fan which it will in the weeks ahead.

I would wait for the Administrators report and ofcourse the FCA. Too many issues for Auditors. 1. Did they check cash independently with the 4/5 banks? (unless Costis owmed them all) 2. Debtors at year end almost 45% of Sales (Costis explained that most of the sales occured in 2nd half 3. BDO also signed off previous reports unqualified so what did they check. 4.What was Gannacords role? constantly recommending and 90p expectations. Where they involved in selling off Costis's share. Then we turn to falsifications and Costis, CFo's role and COO who resigned today. My guess is it was a family affair and they are all related to each other.

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=GBO&ArticleCode=f0fk6i1u&ArticleHeadline=Gerasimos_Bonanos_Resigns_From_Globo_Plc

Dont see any point in getting into a Domestic with other Shareholders. As events unfold, I see the following happening. If the Administrators can salvage anything and sell off, creditors will be paid off and Shareholders get nought. Thereafter, GT are taken to task. They will refute any wrongdoing (like Costis) and ask Solicitors to issue a rebuttal. Then they are taken to Court which will last about 5/6 years. Eventually an out of court settlement and Shareholders get nought. BCCI, Enron, Equitable Life, Quindell, Monitise ETc (too many crooks about) If Administrators see value and sell off as a going concern then perhaps Shareholders will salvage a small part of the investment but I doubt it is worth £100million. Costis is found and jailed for 10 years but out in 5. He writes a book while in prison which sells 10million copies so he lives happily ever after

Forum Venture Capital and Forum smaa caps trust seem to have a packet full of shares bought in the last few days before suspension. i suppose they bought Costis's shares. The Directors have completely failed in their duty in the Board meeting to make Citizens arrest of Costis and the CFO

All Shareholders are included. I believe they are waiting for the FCA/Administrators Report before proceeding and pokerchips is right ''professional negligence'' will need to be proved which can be challenging.

There are a number of high profile fund investors like Legal and General, Standard Life, Hargreaves Lansdown and others and there is AIM and FCA so this is far from over but GT will no doubt try wriggling out. Enron debacle brought the collapse of Arthur Anderson but now most Auditors are in LLP's so individual liability will be limited but there will be Insurance back up in case GT are found ''wanting'' The hope is that the Receivers may take GT to task after Auit but they have indicated that the listing will be canceled.

Fracker, the worst outcome could be that the Company is put into Administration and thereafter if there is no resolution, potentially it could go into Receivership and while parts may be sold off to pay off creditors, as Shareholders rank last in line to get anything left over, it is likely they would get nothing. The best scenario is that the Company is still worth something and could re lists, a new board could be appointed to carry on or somebody buys them off and pay shareholders the going value (and it becomes a subsidiary of another Company) From previous postings, it seems there is still a business and the software is good so hopefully it will relist or is bought off. I think not with all the Directors abandoning the Company. Until we get the FCA report, frankly we are in the dark.