22nd Jul 2020 19:10
(Alliance News) - Finablr PLC on Wednesday said it has named law firm Skadden Arps Slate Meagher & Flom LLP to probe potential historical misconduct and "misappropriation" of its assets.
Back in March, Finablr said it intends to potentially seek insolvency in a bid to maximise any remaining value in the company, after discovering undisclosed loans against shares worth USD100 million.
"It is anticipated that forensic experts will be appointed in connection with the Investigation, which will include a comprehensive review of payments made and transactions carried out within the Finablr Group. Finablr has entered into a funding agreement with a third party funder to cover the cost of the Investigation and potentially the pursuit of claims," Finablr said on Wednesday.
Finablr's shares were suspended from trading in March.
By Eric Cunha; [email protected]
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