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Flying Brands To Take Loss After Fraudulent Activity In Bank Account

Tue, 05th Apr 2016 09:54

LONDON (Alliance News) - Investment company Flying Brands Ltd on Tuesday said it has been made aware of fraudulent activity in its bank account and does not expect to recover the funds lost.

Flying Brands said the fraudulent activity in its bank account involves a potential loss of GBP78,000 and it is unlikely most of the funds will be recovered.

The bank holding the account and Jersey police are investigating the incident.

Flying Brands said its cash position following the loss is GBP222,932, which it considers sufficient to cover working capital costs.

Flying Brands shares were down 9.0% on the news to 1.37 pence.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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