6th May 2014 14:35
LONDON (Alliance News) - Metro Baltic Horizons PLC Tuesday said it has reached a settlement with its former auditors Ernst & Young LLC, and it will receive GBP425,000 from the settlement agreement.
Ernst & Young Isle of Man issued proceedings against Metro Baltic Horizons back in July 2012 in the High Court of Justice of the Isle of Man, of which Metro Baltic Horizons than counter-claimed the proceedings.
The closed-end property investment company, said that under the terms of the settlement agreement, the Company and Ernst & Young Isle of Man have agreed to settle their respective claims, and it will receive GBP425,000 as a result.
The company said that by entering into the settlement agreement, neither E&Y Isle of Man nor the company have admitted liability or wrongdoing.
Back in March, Metro Baltic Horizons said it had reached a settlement with former company directors, and will receive GBP2.5 million.
Shares in Metro Baltic Horizons last traded at 19.25 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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