Ferrexpo’s assets are in the Ukraine, where it produces iron ore pellets from two open pit mines FerrexpoA Ukrainian iron ore producer has given warning that its auditors have uncovered “unexplained discrepancies” at a charity it funds, sending its shares down sharply. Ferrexpo said that its board was carrying out an independent review into the issues at Blooming Land, which was set up to carry out its corporate social responsibility programmes. It said that Deloitte might qualify or modify its opinion on the miner’s 2018 results, due to be published on March 20, if the review was not completed or not completed favourably by then. The announcement comes days after the abrupt resignation of its senior independent director and follows the company’s disclosure last August of transactions involving its funds to the charity and another company controlled by Ferrexpo’s chief executive.

Source: The Times February 04, 2019 12:00 UTC