Tuesday 19 March 2019 11:45 am

Shares in FTSE 250 miner Ferrexpo plunge after it delays its financial results amid Ukrainian charity probe

Shares in iron ore miner Ferrexpo fell nearly 10 per cent today after it said it was delaying its 2018 financial results amid a probe into its relationship with a Ukrainian charity.

The miner established an independent review committee (IRC) in February to investigate donations it had made to Ukrainian charity Blooming Land.

Read more: Iron miner Ferrexpo to probe charity partner over financial discrepancies


Preliminary work by auditor BDO has discovered discrepancies on the application of funds by the chairty which indicate that funds may not have been used for their stated purpose.

Previously the company had identified discrepancies in the bank statements supplied by the charity.

The company said: “Given the above developments, and the ongoing work of the IRC and its advisers, the group has decided to delay the publication of its FY 2018 results.”

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It said it intends to announce its 2018 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,” it said.

Shares fell 9.8 per cent to 243p.


 

 

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