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Ferrexpo under pressure as discrepancies uncovered at CSR charity

Ferrexpo donated US$9.5mln to Blooming Land in the first half of 2018 but stopped any further donations in May.
steel being made
The chairty handles Ferroxpo's CSR programme and provides medical and social services throughout Ukraine.

Ukraine-based Ferrexpo PLC (LON:FXPO) has launched an investigation into the use of monies it donated to Blooming Land, a charity based in the country.  

Blooming Land co-ordinates the iron ore pellet maker’s corporate social responsibility (CSR) programme but operates independently.

Bank statements from the charity contained unexplained discrepancies said Ferrexpo, which has sent copies to its auditor Deloittes to carry out a review.

Ferrexpo donated US$9.5mln to Blooming Land in the first half of 2018 but stopped any further donations in May.

Deloittes might quality its opinion on the full year results due on 20 March pending the outcome of the review said Ferrexpo, though it still expects to report underlying profits [EBITDA] of US$500mln for 2018.

Shares in the FTSE 250 member tumbled 7% to 243.7p.

 

 

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