Braemar reports account freezing order on investigation funds

Published 11/06/2025, 11:16
Braemar reports account freezing order on investigation funds

LONDON - Braemar PLC (LON:BMS) announced Wednesday that the National Crime Agency (NCA) has obtained an account freezing order for approximately $2.5 million that the company had previously set aside in a separate bank account.

The frozen funds relate to an independent investigation conducted in 2023 that examined several transactions dating from 2006 to 2013. Braemar had established a provision for these transactions in its fiscal year 2023 accounts and maintained this provision in subsequent financial years.

According to the company’s statement, the NCA received notification about the matter in late January 2025 before securing the account freezing order today. The order applies exclusively to the separate bank account containing the ring-fenced funds.

Braemar emphasized that the freezing order "does not apply to, or otherwise impact the Company’s trading or net assets." The company stated it has fully cooperated with the NCA throughout the process and will continue to do so.

The shipping services provider indicated it "looks forward to releasing the provision in due course," suggesting the company anticipates a resolution to the matter.

Following the initial investigation, Braemar implemented remedial actions and measures to ensure compliance with applicable accounting, legal, and regulatory obligations, according to the press release statement.

The information was deemed to constitute inside information under the Market Abuse Regulation, which is part of UK law through the European Union (Withdrawal) Act 2018.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.