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Ferrexpo says charity could have 'misappropriated' funds

Reuters - UK Focus

April 23 (Reuters) - Ukraine-focused Iron ore pellet producer Ferrexpo Plc on Tuesday said that some funds of a charity it donates to could have been "misappropriated" as indicated by findings of an independent investigation.

The company said although the Independent Review Committee's investigation into Blooming Land's use of Ferrexpo's funds was ongoing, new evidence pointed to potential discrepancies.

Ferrexpo, which had delayed its full-year results twice as it awaited further progress of the review, also reported a 13 percent drop in annual pretax profit on Tuesday. (Reporting by Pushkala Aripaka in Bengaluru; Editing by Bernard Orr)