Ferrexpo's auditors say Blooming Land's accounts show 'unexplained discrepancies'

Writer, Stock Market Wire
Monday, February 4, 2019 - 07:44

Ferrexpo said Monday copies of bank statements from Blooming Land contained 'unexplained discrepancies' as the company's auditors Deloitte LLP continued their probe to verify Blooming Land's use of contributions made by company.

Blooming Land, a Ukrainian charity, was established with the primary function of co-ordinating the group's CSR programme. It provided medical and social services to local, regional and national communities throughout Ukraine.

Ferrexpo had donated US$9.5m to Blooming Land in second half 2018. But had not made any further donations to Blooming Land since May 2018.

There was no guarantee that the review would be complete before the company’s releases its full year results on 20 March, Forrexpo said.

Following the Group's fourth-quarter 2018 trading update, as announced on 8 January, Ferrexpo expected full year 2018 earnings (EBITDA) to be approximately US$500m.


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