Jo Lernout and Pol Hauspie were reportedly arrested yesterday and charged with fraud. The allegations include stock manipulation and falsification of documents. Both are expected to appear in court on Monday morning.
L&H has been granted bankruptcy protection by a Belgian court, which said that it faces claims from creditors totalling almost £350m. It is also thought that the company has hired Credit Suisse First Boston to look at the possibility of a sale of its assets to repay the debt.
Both founders resigned from the company last year after it was revealed that revenue projections had been inflated, although they remain major shareholders.
L&H stock has been suspended from trading on the both the USA and European Nasdaq exchanges.
The application of robotics in finance functions is moving faster than predicted. Although, companies are cautious in how they are applying artificial intelligence to ensure results first, many are stepping up their investigations
EU competition commissioner Margrethe Vestager has defended the decision to order technology giant Apple to pay €13bn (£11bn) in back taxes to the Irish government
Carillion has announced the appointment of a new finance director as it reported a rise in first half profits and sales led by strong growth in its support services business
The UK inflation rate hit its highest level in almost two years in July, suggesting that the sharp fall in sterling following the UK referendum to leave the European Union is forcing prices up