Fubotv earnings beat by $0.10, revenue topped estimates
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.