| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Serabi Gold moves to fire managers after identifying suspect cash withdrawals
StockMarketWire.com
|
Brazil-focused miner Serabi Gold said it had moved to terminate the employment contracts of two senior managers after it identified cash withdrawals that lacked documentary support.
Serabi announced last month that it had become aware of withdrawals made during 2020 worth around $80,000.
'Following further enquiries undertaken by the company and its legal advisers in Brazil, the company advises that it has commenced proceedings to terminate the employment contracts of two of its Brazil-based senior managers,' Serabi said.
Since last month, the company had identified unsupported cash withdrawals dating back to 2015 of about $120,000, bringing to total level of unsubstantiated withdrawals to about $200,000.
'The company has also identified a number of other potential irregularities relating to expense claims and other minor items which may require further review,' it added.
'The company has retained the services of local forensic accountants to assist its UK auditors in order that the auditors can, as quickly as possible, conclude their audit procedures, permitting the company to publish its financial statements for the 2020 calendar year.'
'The company remains confident that based on the results of the enquiries to date, the financial statements will be issued prior to 30 June 2021.'
'The company considers that the termination of the employment contract of the managers may result in legal proceedings in Brazil involving the company's subsidiary Serabi Mineracao SA.'
'At this time therefore, save for any regulatory disclosure obligations, further details regarding the on-going enquiries in respect of these matters may be restricted so as not to prejudice any future legal proceedings.'
At 8:02am: (LON:SRB) Serabi Mining PLC share price was 0p at 83.5p
Story provided by StockMarketWire.com
|
|
|
|
|
|
