Skadden To Investigate "Misappropriation of Assets" In Listed Payments Group
The company has brought in the US firm to look into "historic potential malfeasance" within its accounts.
July 23, 2020 at 06:05 AM
2 minute read
Payments group Finablr has tasked Skadden, Arps, Slate, Meagher & Flom with leading an investigation into potential wrongdoing within the group.
In an announcement on the London Stock Exchange on Thursday, Finablr said that Skadden would act as lead counsel in charge of investigating "historic potential malfeasance" and "any misappropriation of assets" within the group.
The investigation is set to include a comprehensive review of payments made and transactions carried out within the Finablr Group, it added in a statement on Thursday.
Finablr also stated that any party or person with knowledge of any wrongdoings should contact Skadden partner and head of European government enforcement and white collar crime group, Ryan Junck.
Finablr was founded by Indian businessman B.R. Shetty, who floated the group on the London Stock Exchange last year. He acts as co-chairman and majority shareholder in the group.
The latest update follows a tumultuous start to year for the group, which in March announced that it was facing potential insolvency.
In April, a separate investigation by Houlihan Lokey and Kroll found £1.3bn of net debt in Finablr's accounts, a figure much higher than previously disclosed by the group.
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