Deloitte resigns from Ferrexpro amid probe into charity
The auditor resigned after differences over possible links and ‘irregularities’ between the miner and charitable foundation, Blooming Land
Geneva/London — Ferrexpo says Deloitte has resigned as its auditor, three days after they expressed different views over potential links between the iron-ore miner’s CEO and a charitable foundation being probed for possible misappropriation of funds. The London-listed company fell the most in more than two years. The resignation of Deloitte comes as an independent review committee set up by Ferrexpo investigates “discrepancies” in payments to Blooming Land, a charitable foundation established primarily to co-ordinate the company’s philanthropic activities. The committee was set up in February after Ferrexpo’s auditors received bank statements from the foundation containing “irregularities”. There are indications that some of funds may have been “misappropriated,” Ferrexpo said on Tuesday. Further announcements will be made in due course, Ferrexpo said in a statement on Friday. A spokesperson for Deloitte declined to comment. Ferrexpo’s own investigation of Blooming Land comes as Ukr...
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