Investigation Update
NCA granted account freezing order on ring-fenced $2.5m provision relating to historic transactions from 2006-2013.
- Provision for historic transactions c. $2.5m
Select text to share a quote on X · sign in to keep highlights & notes in your BMS notes
596/2014) WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.
BRAEMAR PLC
("Braemar", the "Company" and together with its subsidiaries, the "Group")
Investigation Update
As disclosed in the Group's FY23, FY24 and FY25 Annual Report and Accounts, an independent investigation was conducted during 2023 that focused on several transactions dating back from 2006 to 2013. Post-investigation, the Group recognised a provision in relation to these transactions of c. $2.5m in its FY23 accounts and retained the provision in its FY24 and FY25 accounts. The Group also took key remedial actions and steps to comply with applicable accounting, legal, and regulatory obligations, which included ring-fencing that amount in a separate bank account.
The board is pleased to report that, following notification in late January 2025, the National Crime Agency (NCA) has today been granted an account freezing order in respect of the separate bank account. The order relates solely to the separate bank account and the ring-fenced amount, and does not apply to, or otherwise impact the Company's trading or net assets. The Company has cooperated fully with the NCA throughout, will continue to do so, and looks forward to releasing the provision in due course.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.