Travelex owner Finablr has had its shares suspended by the financial watchdog after discovering $100m of undisclosed cheques.
The cheques were written by the FTSE 250 payments group before its initial public offering last May. Finablr asked the Financial Conduct Authority to suspend its trading on the London Stock Exchange while it investigates the cheques, which it says may have been used as"security for financing arrangements for the benefit of third parties".
Advisory firm Kroll has been appointed to carry out an independent investigation into issues including related-party transactions and its off-balance sheet debt. In a statement to investors, Finablr said:"As a result of the foregoing events, the board is unable accurately to assess the financial position of the company and there is a material uncertainty about the group's ability to continue as a going concern.