Ferrexpo delays 2018 results amid Blooming Land review
Ferrexpo announced it was delaying the publication of its 2018 results on Tuesday, due to ongoing work on the independent review into its charitable donations to Blooming Land.
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The FTSE 250 company had announced the establishment of an independent review committee to conduct a comprehensive independent review on 4 February.
It said on Tuesday that the work of the independent review was ongoing, and that the independent review committee was working with its advisers in the UK and Ukraine, including BDO.
In addition to discrepancies within the copy bank statements provided by Blooming Land, the preliminary work of BDO had reportedly identified a number of discrepancies on the application of funds by Blooming Land and its sub-funds, which indicated that the funds may not all have been used for their stated purpose.
“Given the above developments, and the ongoing work of the independent review committee and its advisers, the group has decided to delay the publication of its 2018 results,” the board said in its statement on Tuesday.
Ferrexpo said it intended to announce its results on or before 3 April.
“The board is committed to understanding the full extent of these issues and, in the interests of transparency and governance, keeping shareholders updated, as appropriate.”