Finablr avoids HMRC business suspension

HMRC drops proposed suspension of payment group’s subsidiaries after original issues addressed

Finablr, the troubled foreign exchange and payments group, has confirmed that HMRC has dropped proposals to suspend the business registration of two subsidiaries, UAE Exchange UK Ltd and Xpress Money Services Ltd.

The announcement follows a difficult period for the company, which revealed on Tuesday that its founder and co-chair BR Shetty would be standing down with immediate effect.

In a statement today, Finablr said: ‘Following prior notification from HMRC concerning the proposed suspension of the UAE Exchange UK Limited ("UAEEx UKL") business registration, the Company has written to HMRC to address the issues raised in the original notice of suspension, to the satisfaction of HMRC.

‘The Company is pleased to announce that the proposed suspension of its business registration will not be imposed, thereby allowing current operations to continue.’

In March, the company said it could not accurately assess its financial position after discovering $100m (£81m) of undisclosed cheques, which it believed may have been used as security for financing arrangements for the benefit of third parties.

EY resigned as the company’s auditor on 30 March 2020 over corporate governance concerns.

Further reading:

Finablr co-chair quits as HMRC suspends money service businesses

Philip Smith |Contributing editor, Accountancy Daily

Philip Smith is contributing editor at Accountancy Daily and a freelance journalist specialising in accountancy and tax matters. He ...

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