MoneyOnMobile Inc. said a third-party firm that it engaged to investigate allegations made by former auditor RBSM LLP provided no evidence that substantiated any of the allegations relating to fraud, understatement of liabilities and/or misappropriation of assets.
The company previously said fraud allegations involving Indian unit My Mobile Payments Ltd., which were detailed by RBSM in a report, were incomplete for several reasons. RBSM eventually resigned citing reasons such as management's alleged interference in the auditing process and threats of litigation.
The investigation supported MoneyOnMobile's treatment and presentation of events and transactions as "accurate, complete and timely," the company said in a filing.
RBSM made the allegations based on a single discussion with a senior management member of its Indian subsidiaries, the company said. MoneyOnMobile also said its board and audit committee received a written communication from the same senior manager who said the comments attributed to him were "far-fetched and at best erroneously interpreted."
The company now considers its investigation complete and closed with no further action deemed necessary.
