Ferrexpo said an independent review into its charitable donations suggested some funds could have been misappropriated, but found the company and its biggest shareholder weren’t connected to any possible wrongdoing.
The review was unable to confirm the ultimate use of all of the funds related to the Blooming Land Charity and Ferrexpo’s board is “considering further steps in this regard.” The Ukrainian iron-ore producer has also terminated its relationship with Blooming Land.