If a director or manager of a company publishes a false statement of accounts, knowing that it is false, with the intent that it shall be acted upon by the person it reaches, an intention to defraud may be presumed against the director or manager. Such act of the director or manager will not be presumed to be the act of the company because such a presumption against the company will render no director or employee of a company liable for stealing the company’s property or any dishonest act of his in relation to the company’s property; The trial judge was right in finding the ingredients of intent to defraud established. Republic v Halm and Ayeh-Kumi (supra) and R v Birt (1899) 63 J.P. 328 applied Re Arton (No.2) (1896) 1 Q.B. 509 cited.