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Continued misfortune for L&H as three directors quit

Three directors have stepped down from speech recognition company Lernout & Hauspie (L&H) in the latest of the company's disasters.

By Ron Coates

Published: 24 November 2000 16:11 GMT

With shares suspended by both Easdaq and Nasdaq, continuing revelations of financial and accounting irregularities - stemming from its South Korea operation and spreading worldwide - and board reshuffling and resignations, L&H has been under siege since August.

Yesterday the company announced that founder Pol Hauspie had quit the board. Also taking a dive are former managing director Nico Willaert and former chief executive Gaston Bastiaens. All will remain as shareholders only.

Founder Jo Lernout, who was "not connected with finances" according to the company, will remain as vice chairman of the board, executive committee member and chairman of the technology advisory committee.

The two founders own about 30 per cent of L&H's stock and control the appointments of nine of the board's 17 members.

Analysts are worried that the company will have difficulty paying its debt, including a $200m short-term loan due for repayment in March.

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