OEM (OEM) was a fully listed company whose shares were suspended in 2008 after it emerged that the asset backing folks thought was there had er…gone missing. A couple of years later it was wound up. And certain individuals must have hoped it would end there. But it has not. A reliable source has told me that a £6 million bombshell is on the way which will embarrass a lot of well known City players.
The directors appointed accountants Hacker Young as administrators. Its initial report found nothing was amiss. The UK Listing Authority did nothing. The Old Bill did nothing. “Move along now plebs you have lost your money now piss off” was the official line.
But it appears that Hacker Young was removed as the administrator at some stage and we gather that the new administrators, Baker Tilly, will shortly send a letter announcing that they are going after four directors for £6 million
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