Finablr PLC Auditor Resignation and Board Changes (0058I)
30 Marzo 2020 - 8:00AM
UK Regulatory
TIDMFIN
RNS Number : 0058I
Finablr PLC
30 March 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014.
30 March 2020
Finablr PLC ("Finablr" or the "Company")
Auditor Resignation and Board Changes
Auditor Resignation
The Company announces that it has been notified by Ernst &
Young LLP ("EY") of their resignation as auditor of the Company. In
their letter of resignation, EY cited "concerns arising out of
recent events at the Company and NMC Health plc...the composition
of the Board of the Company, the adequacy of corporate governance
concerns and the recent issues that have caused the Company to
commission an independent review of the Company's financial
arrangements, including of related party transactions and on and
off- balance-sheet debt".
Prior to their resignation, EY had communicated to the Company a
requirement, as a condition of their continuing to act as auditor
of the Company, that a number of changes be made to the composition
of the Board. Notwithstanding the Board's continued and further
attempts to address questions of Board composition, including
through the resignations announced below, the Board was unable to
accommodate EY's requirements in full in the time allowed to them
and as a result EY confirmed their resignation in writing on the
evening of Sunday 29 March.
EY has not provided the Board with any specific allegations or
suspicions of wrongdoing, or of any actual or alleged instances of
accounting, financial, governance or other irregularities.
Board Changes
The Company also announces that Mr. Abdulrahman Basaddiq and Mr.
Bassam Hage resigned as directors of the Company with effect from
the evening of Friday 27 March 2020.
Mr. Basaddiq had been appointed as a Non-Executive Director in
April 2019 under the terms of the Relationship Agreement between
the Company and certain of the Company's major shareholders,
including Dr. B.R. Shetty, which permitted such shareholders to
appoint a number of nominees to the Board. Mr. Basaddiq was a
Non-Executive Director but not considered by the Board to be
independent as a result of his being appointed at the request of
the Shetty family shareholders.
In his letter of resignation, Mr. Basaddiq stated "I wish to
make it clear that I had no knowledge concerning the matters which
are the subject of an independent investigation, including the use
of cheques, referred to in the Company's announcement of 16 March
2020."
Mr. Hage had served as an independent non-executive Director
since his appointment in August 2019. His resignation on Friday 27
March 2020 followed a previous request from EY with respect to
governance changes at the Board, including that Mr Hage step down
from the Board as a result of possible perceptions that his
position on the Audit Committee and the Board may, in the light of
his previous career within the Ernst & Young group, prejudice
EY's ability to meet applicable independence criteria as auditors
of the Company. This view represented a change in EY's position
since the point of Mr Hage's appointment, at which time EY had
confirmed that they were comfortable that Mr. Hage's appointment as
a Director did not have any such prejudicial impact on their
independence as auditor. As a result, and in light of Mr. Hage's
belief that the independence of the audit process is critical to
the Company's current position, Mr. Hage tendered his resignation
with immediate effect on 27 March 2020.
END
Enquiries
The Company
Finablr PLC
Robert Moorhouse, Group Company Secretary +44 7825 213767
Ryan Ayache, Head of Investor Relations +971 2 3073 176
For more information, visit the Finablr website:
www.finablr.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRWPUQWWUPUUAU
(END) Dow Jones Newswires
March 30, 2020 02:00 ET (06:00 GMT)
Grafico Azioni Finablr (LSE:FIN)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Finablr (LSE:FIN)
Storico
Da Apr 2023 a Apr 2024
