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Orchard Funding Group PLC - Luton-based finance group specialising in insurance premium finance - Says it has suffered an instance of fraud arising from dealings with a ‘fraudulent introducer’. Orchard says that fraudulent credit agreements were funded by the company as a result, and has made a provision of around £500,000 in respect of these agreements. The company warns that its year-end financials will be hit by the provision, which Orchard says represents its total exposure to the fraudulent credit agreements. Orchard says it is conducting a review of its wider lending book and introducer network in order to ensure that fraud risk does not exist elsewhere in the current loan book. The company is also undertaking a review of its systems and controls to minimise the risk of similar fraud in the future. Current stock price: 20.00 pence per share, down 18% in London on Friday morning 12-month change: down 53% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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