iSoft founder says he'll be vindicated


The founder of NHS healthcare supplier iSoft, who is facing criminal charges, says he is absolutely satisfied that his “position will be completely vindicated”.

Patrick Cryne and three other directors of iSoft have been charged with the criminal offence of conspiracy to make misleading statements, contrary to  the Financial Services and Markets Act 2000 and the Criminal Law Act 1977.

The Guardian reports a statement by Cryne:
“Since the FSA [Financial Services Authority] commenced its investigation into the affairs of iSoft in July 2006 it has had my full and complete co-operation.

“I am surprised and disappointed at the position arrived at by the FSA. I am however absolutely satisfied that in due course my position will be completely vindicated.”

Cryne and others led a management buyout of iSoft from KPMG in 1998, floating the business on the stock exchange two years later. The business had large successes, including being chosen as a software supplier to the government’s £12.7bn NPfIT programme. it later issued a profits warning and restated its financial results for previous years.

iSoft was acquired by Australian company IBA Health which later renamed itself iSoft. Gary Cohen, iSoft executive chairman and chief executive, said that no former iSoft Group plc directors that were investigated by FSA are employed by iSOFT Group Limited or any subsidiary of the company.



FSA to charge iSoft founder and three former directors – Guardian

FSA starts criminal proceedings against former iSoft directors – IT Projects blog

Former iSoft directors to face court – E-Health Insider