Finablr updates on UAE Exchange UK Limited registration status
The proposed suspension of UAE Exchange UK Limited business registration will not be imposed.
Finablr PLC (LON:FIN), a provider of cross-border payments, FX and payment technology, today posted an announcement regarding the registration status of UAE Exchange UK Limited (UAEEx UKL).
Following prior notification from HMRC concerning the proposed suspension of the UAEEx UKL business registration, Finablr has written to HMRC to address the issues raised in the original notice of suspension, to the satisfaction of HMRC.
Finablr today confirms that the proposed suspension of he UAEEx UKL business registration will not be imposed, thereby allowing current operations to continue.
Let’s recall that, in July this year, Finablr appointed Skadden Arps Slate Meagher & Flom (UK) LLP as lead counsel in order to enable the company to investigate historic potential malfeasance within the Finablr Group and any misappropriation of assets of Finablr PLC and certain members of its group, and to facilitate the pursuit of potential claims which are the subject of the Investigation.
In April, Finablr provided an update regarding its indebtedness position. This followed the appointment of Houlihan Lokey as Finablr’s Independent Financial Adviser.
Houlihan Lokey has worked with Kroll (in its role as independent investigators reporting to the independent directors of the Company) in conducting an exercise with Finablr’s creditors to establish the current indebtedness position of the Finablr Group. The results of this exercise indicated that the total net indebtedness of the Finablr Group may be approximately $1,300 million (excluding any liabilities of the Travelex business). This is materially above the last reported figure for the Group’s indebtedness position as at June 30, 2019 and the levels of indebtedness previously disclosed to the Board.