Finablr says debt may be 4 times higher than reported | Financial Times:
Finablr, the owner of Travelex, has reported its level of indebtedness may be four times as high as previously reported following an independent investigation at the financial services group.
The UAE-based group said on Thursday that its net debt level may be about $1.3bn, materially higher than that previously disclosed to the board. In June last year, Finablr reported debt of about $334m.
“The board cannot exclude the possibility that some of the proceeds of these borrowings may have been used for purposes outside of the Finablr group,” it said in a statement. It added that verification of its indebtedness was ongoing and that it intended to “engage further with the group’s creditors to explore the options that may be available”.
The news deepens the crisis at Finablr, which last month warned it was in danger of going out of business, as problems also mushroom at NMC Health, which shares the same founder and is also embroiled in accounting scandal.
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| Finablr owns Travelex, the British foreign exchange group, which last week put itself up for sale in the latest blow to its parent © Bloomberg |
Finablr, the owner of Travelex, has reported its level of indebtedness may be four times as high as previously reported following an independent investigation at the financial services group.
The UAE-based group said on Thursday that its net debt level may be about $1.3bn, materially higher than that previously disclosed to the board. In June last year, Finablr reported debt of about $334m.
“The board cannot exclude the possibility that some of the proceeds of these borrowings may have been used for purposes outside of the Finablr group,” it said in a statement. It added that verification of its indebtedness was ongoing and that it intended to “engage further with the group’s creditors to explore the options that may be available”.
The news deepens the crisis at Finablr, which last month warned it was in danger of going out of business, as problems also mushroom at NMC Health, which shares the same founder and is also embroiled in accounting scandal.
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