Stock market listing suspended
On 16 March 2020, the business's listing on the London Stock Exchange was suspended as it was announced that it was in danger of collapse having identified circa US$100m (£81m) of undisclosed financing, which meant it no longer had any certainty over its financial position. Simultaneously, Promoth Manghat, Group CEO, left the business.[18] The business also stated that it was no longer able to provide certain payment processing services; however it failed to address which services this entailed. Kroll were appointed to carry out an independent investigation into its finances.[19]
On 17 March 2020, the business announced that it had engaged an accountancy firm to undertake rapid contingency planning for a potential insolvency appointment.[20][21]
On 18 March 2020, the business announced that its UAE Exchange division would be supervised by the Central Bank of the UAE with immediate effect. The Central Bank of the UAE also stated that it had commenced an examination of UAE Exchange in order to verify its compliance with applicable laws and regulations.[22]
On 29 March 2020, EY (Ernst & Young LLP) resigned as auditor of the business.[23]
On 9 April 2020, it was reported that Travelex had paid a ransom fee of US$2.3 million to restore their systems.[24][25]
On 9 April 2020, shares in the business were suspended from the London Stock Exchange. The business announced the resignation of Promoth Manghat as chief executive with immediate effect the same day, as well as the appointments of Kroll and Houlihan Lokey to carry out an independent investigation into its finances. Among other localised authorities the UK's Financial Conduct Authority and the Central Bank of the United Arab Emirates are also investigating the business's finances.[26]
On 22 April 2020, the Travelex division announced that it had placed itself up for sale with immediate effect and was working with PwC on the sale process, it stated that the division had "communicated this intention to Finablr".[27][28]
During April 2020, the operations of most of the business's fascias were suspended in their entirety. UAE Exchange, Xpress Money, TimesofMoney, Remit2India, Unimoni and Ditto (which had ceased previously) all displayed suspension notices on their corporate website homepages ""[division name] is temporarily unavailable for undertaking transactions. We regret the inconvenience and thank you for your understanding and cooperation as we endeavour to restore the service"[29]"
