COMMODITIES firm Ferrexpo drafted in a top accountant to bolster its audit committee today as question marks over payments it made to a Ukrainian charity cast a shadow over the company.
Graeme Dacomb joins from EY, where he spent 26 years, to chair the audit committee in an attempt by the pellets producer to bolster corporate governance.
His appointment comes six weeks after the company’s auditor Deloitte resigned when it said funds made to a charity called Blooming Land could have been “misappropriated”. Deloitte also raised questions over the relationship between Ferrexpo’s chief executive Kostyantin Zhevago and the charity, which provides treatments for diabetes.
The investigation continues and Dacomb will be a member of the independent review committee looking into the matter.
Chairman Steve Lucas reiterated today there is no evidence of wrongdoing. An announcement will be made to shareholders when the investigation is complete.
It added first-half earnings are expected to be up on last year. The shares rose 7%, or 18.1p, to 256.8p.
