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(Alliance News) - Ferrexpo PLC on Friday said it is possible payments made to a charity were used inappropriately, but stressed no directors of the company are involved.
Ferrexpo set up an independent committee to look into allegations payments made by the company to Ukrainian charity Blooming Land were misused, and this review has now finished.
"Whilst a significant amount of work has been undertaken by the committee and its advisers, it has not been possible to explain a number of discrepancies outlined in the 2018 annual report relating to the charity and its use of funds donated by Ferrexpo," said the iron ore pellet maker.
"As a result, the committee has been unable to conclude as to the ultimate use of all of the funds by the charity, a third party. Indications therefore remain that some of the funds could have been misappropriated. The board is considering further steps in this regard."
Ferrexpo is "satisfied" none of its employees have had any involvement in the potential misuse of funding.
The investigation in April led to the resignation of the firm's auditor Deloitte LLP, saying Ferrexpo refused to set up an independent investigation into the matter in January.
Ferrexpo did then set up an independent probe into the matter. It, however, also released released its 2018 annual results, although still significantly delayed, before the review was completed.
Ferrexpo has repeatedly stressed the charity is not related to the company in any way, nor to Chief Executive Kostyantin Zhevago, but Deloitte disagreed.
