26th Apr 2019 08:55
LONDON (Alliance News) - Ferrexpo PLC on Friday said Deloitte LLP has resigned as the company's auditor with immediate effect, amid a spat over potential links between the company's chief executive and a charity being probed for misuse of funds.
Shares were down 19% at 217.60 pence each, the worst performer in the FTSE 250 index.
The iron ore pellet maker, without giving any further explanation regarding the auditor's resignation, said it will provide further updates in due course.
Ferrexpo disagreed with its auditor's conclusion of a link between Chief Executive and controlling shareholder Kostyantin Zhevago and Blooming Land Charity, which is being investigated for possible discrepancies in the use of funds.
On Tuesday, Ferrexpo said an independent review committee found Blooming Land was not related to the company or its executive management. However, Deloitte was unable to reach the same conclusion.
Related Shares:
Ferrexpo