Concha uncovers capital shortfall at app developer Moshen Limited

City A.M. Reporter
CHRIS Akers’ investment group Concha said yesterday it had discovered possible financial irregularities at one of its investee companies, UK digital app company Moshen Limited.

Concha said it had “uncovered apparent financial irregularities which indicate a significant working capital shortfall” at Moshen, whose chief executive has been suspended pending the outcome of the investigation.

Concha – formerly known as Hot Tuna – paid £250,000 for a 40 per cent stake in Moshen in April.

It has since invested around £867,000 in the creator, distributor and market maker for digital apps.

Akers, the ex-media analyst and former chairman and chief executive of Leeds United, was appointed chairman of Concha last December.