OEM has alleged that its late chief executive, Brian Schneider, stole funds worth more than two-thirds of the company’s market capitalisation.
The London-listed property company is trying to recover at least £3.1m from his estate and from Baker Tilly, which has been auditor since Schneider became chief executive in 1994.
Directors allege he “improperly used monies for his own benefit causing the company loss”.
Schneider died in March, aged 48.
References: Financial Times 20/05/04 page 22
