iSignthis Ltd. CEO John Karantzis said the Australian financial technology company is responding to separate inquiries from two regulators following recent share price movements in the company.
The payment provider's shares were suspended Oct. 2 on the Australian Securities Exchange amid ongoing investigations by the Australian Securities and Investments Commission and the exchange, The Australian Financial Review reported.
The move came after the regulators found a number of issues concerning the company. This includes an increase in iSignthis' share price to as much as A$1.645 from 15 Australian cents in the beginning of 2019, the report added. In September, the company's share price fell 34% in a single session following a report by Ownership Matters that raised questions on the company's governnance.
In addition, a subsidiary of the company was found to have triggered suspicious transaction alarms at the now defunct Danish bank Københavns Andelskasse.
The trading suspension is pending the outcome of the inquiries by the two regulatory authorities, according to the report.
Karantzis added that the company faced multiple audits in the past year without any material concerns arising, and that it is fully cooperating with regulators.
