logo-loader
MiningGeneral mining & base metals
Ferrexpo Plc

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.

 

 

Quick facts: Ferrexpo Plc

Price: £1.87

Market: LSE
Market Cap: £1.1 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: CB2 Insights licenses electronic data capture software to UK...

CB2 Insights (CSE:CBII-OTCQB: CBIIF) CEO Prad Sekar joined Steve Darling from Proactive Vancouver to discuss the company doing a deal with MYACCESS Clinics. This will allow CB2’s software to capture comprehensive data sets related to patient health and treatment histories and manage ongoing...

1 day, 9 hours ago

2 min read