Embattled currency exchange firm Finablr has uncovered $100m (£81m) of secret finance deals and warned it could go bust, forcing trading in its shares to be suspended.
In an announcement rushed out on Monday morning, the Travelex owner said it is running increasingly short of cash and can no longer provide some payment processing services. Boss Promoth Manghat has quit.
The discovery comes just weeks after NMC Health – another company set up by Finablr’s founder BR Shetty – was plunged into a similar crisis.
Finablr also said its board has been informed of cheques dating from before its flotation last year – believed to total about $100m – written by the company as security for loans which benefit third parties….
I shall look forward to the full report on this with just as much relish as I’ll read the Will Hutton and Work Foundation report if they ever release it.
Working out the split between villainy and idiocy will be so much fun.