Connect with us

Hi, what are you looking for?

Finance

FTSE 250 miner Ferrexpo appoints new auditor after Deloitte quit over charity probe

Ferrexpo has appointed a new auditor to check its books mont..

Ferrexpo has appointed a new auditor to check its books months after Deloitte quit over alleged wrongdoing.

MHA MacIntyre Hudson, which is part of Baker Tilly International, will not review the companys half-year results, due on 2 August.

Read more: Shares in FTSE 250 miner Ferrexpo plunge after it delays its financial results amid Ukrainian charity probe

The appointment comes after Deloitte said it was unable to continue as Ferrexpos auditor in April.

The Big Four firm said it was concerned about the chief executives potential connections to a charity under investigation for its use of the companys donations.

Ferrexpo has said that some of the funds paid to Blooming Land could have been misappropriated.

But the companys board concluded that Kostyantin Zhevago, the billionaire chief executive and majority owner, did not control Blooming Land.

However, Deloitte said it was unable to reach this conclusion. It also claimed the board had delayed an investigation into Blooming Lands behaviour.

The payments have been estimated at around $110m (£88m) since 2013.

The companys shares have recovered since dropping nearly 30 per cent on Deloittes resignation. They rose a further 1.5 per cent today.

Read more: Read More