Troubled Quindell fails to file ‘complex’ accountsComments Off on Troubled Quindell fails to file ‘complex’ accounts
The AIM-listed company founded by Rob Terry, which revealed last week its was facing a probe by the City watchdog, said the accounts would not be published by tomorrow in line with stock market rules. “While the work in preparing its audited report and accounts for the year ended 31 December 2014 is in its final stages, due to the complexity of this process, they will now not be published by 30 June 2015,” Quindell said in statement. “The company is working through the outstanding points and will publish the accounts as soon as possible.”
Last week, the company suspended its shares for the second time this year and said it would “co-operate fully” with the Financial Conduct Authority’s investigation “in relation to public statements made regarding the financial accounts of the company during 2013 and 2014”.
In a separate twist, Australian law firm Slater & Gordon — which agreed to pay £637 million for Quindell’s legal division in March — saw its shares tumble by more than a fifth in Sydney today after it admitted to mis-reporting revenues from its UK business over a three-year period. The company is being investigated by the Australian Securities and Investments Commission.