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Travelex Owner Finablr To Miss Annual Report Deadline

Tue, 25th Aug 2020 11:43

(Alliance News) - Embattled Finablr PLC on Tuesday said it is unlikely to meet the deadline to report on its annual results.

The Travelex owner back in June said it changed its year-end date to February 28, meaning the deadline to publish its results is August 28.

"The company is currently unable to adhere to this deadline and will provide an update on the anticipated publication date when it is able to do so," Finablr said.

Finablr's shares were suspended from trading in March.

Earlier in August, Bavaguthu Raghuram Shetty resigned from his post as Finablr's co-chair. It was the latest development in a tumultuous 2020 for Shetty, who until mid-February chaired UAE-focused healthcare firm NMC Health PLC.

In April, Shetty said "serious fraud and wrongdoing" took place at Finablr and NMC, but added that he had "no knowledge" of transactions made under his name.

Shetty explained that bank accounts were fraudulently created under his name, something he said he had no knowledge of and had not consented to.

Loans and bank transfers were made and companies were created illicitly under Shetty's name, he added.

Shetty added in April that he would "vigorously" pursue all legal actions and remedies.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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