April 1, 2019 / 6:48 AM / 24 days ago

CORRECTED-UPDATE 1-Ferrexpo delays results again as charity investigation continues

(Corrects previous delay in second paragraph)

April 1 (Reuters) - Ukraine-focussed iron ore pellet producer Ferrexpo on Monday again delayed the publication of full-year results to the end of April, while it awaits further progress in an independent investigation on possible misuse of charitable donations.

Ferrexpo said last month it was delaying the results until April 3 after preliminary work by its auditors found discrepancies in the application of funds by Blooming Land, which coordinates Ferrexpo’s Corporate Social Responsibility programme.

The company said on Monday it had made progress in receiving explanations regarding the differences contained on the bank statements and also received third party evidence and governmental confirmations to explain some of the possible discrepancies in the use of funds by the charity.

“The IRC (Independent Review Committee) is undertaking further work to corroborate the above explanations and evidence,” the company said.

“At the current time, the board cannot guarantee that the review will be complete by the publication of its full year results, or will complete favourably,” it added.

Ferrexpo now expects to publish its results on or before April 25. (Reporting by Justin George Varghese in Bengaluru)

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