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Ferrexpo says Ukrainian charity funds may have been misappropriated

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Ferrexpo says Ukrainian charity funds may have been misappropriated

Ferrexpo PLC's independent review committee to probe the use of funds donated to the Blooming Land Charity in Ukraine was unable to explain a number of discrepancies outlined in the 2018 annual report.

As a result, the company said Aug. 30 that it is possible some of the funds could have been misappropriated and has now terminated its relationship with the charity.

A report from its advisers cleared the company's directors, management or employees of involvement in any possible misappropriation, Ferrexpo said.

The monitoring of these ongoing matters arising from the report will now be taken forward by a committee of independent directors.

In July, the company appointed MHA MacIntyre Hudson as its auditor for the current financial year after Deloitte resigned from the post in April over concerns about the investigation into alleged money laundering and tax evasion.