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Ferrexpo said an independent review found that there was evidence some of its funds donated to the Blooming Land Charity had been misappropriated, though none of the company's directors, management or employees had been found to have any involvement.
The probe the ultimate use of all of the funds by the charity, was inconclusive, with the independent review committee saying it had not been possible to explain a number of discrepancies outlined in the 2018 Annual Report relating to the charity and its use of funds donated by Ferrexpo.
'Indications therefore remain that some of the funds could have been misappropriated,' the IRC said in its report.
'To assist the Committee in its deliberations, the IRC has received a report from its advisers. After careful consideration of the report together with the work of the IRC itself, the IRC is satisfied that none of Ferrexpo's directors, management or employees have had any involvement in any possible misappropriation of funds,' it added.
The company said it had terminated its relationship with the charity.
At 8:08am: (LON:FXPO) Ferrexpo PLC share price was -5.57p at 193.38p