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Beleaguered Belgian company

Lernout & Hauspie

(LHSP)

said Thursday that Pol Hauspie, one of its founders, resigned from the board.

The speech recognition software maker also said its former president and chief executive, Gaston Bastiaens, and former managing director, Nico Willaert, are also resigning from the board.

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Lernout & Hauspie has yet to name their successors.

The latest management shuffle, which reports say are intended to restore investor confidence in the company, comes as the company also suspended the president and general manager of its Korean unit, Joo Chul Seo. A Belgian investment group,

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, has alleged that Seo misused a $30 million bank account the fund had set up in the country.

Lernout & Hauspie, which is facing an investigation by U.S. and European regulators into discrepancies in its bookkeeping, recently said it would restate results for 1998, 1999 and the first half of 2000 after an audit inquiry had uncovered certain errors and irregularities.

The company also faces lawsuits from U.S. shareholders and possible legal action from thousands in Belgian. Shares of Lernout & Hauspie have been suspended from trading in Brussels and New York since Nov. 9.