Frontier Digital Ventures (FDV) has requested a suspension of trading in its securities on the Australian Securities Exchange as it investigates an alleged misappropriation of funds at its Colombian subsidiary, Fincaraíz.
FDV says it discovered a potential misappropriation of funds at the Colombian marketplace operator worth approximately USD 430,000 over the weekend.
Details of the alleged misappropriation were not shared in the ASX announcement, but FDV did add that it expects the trading halt to remain in place until Wednesday, 20 August, when it will provide an update regarding the investigation.
Fiscal headaches are top of mind for FDV at the moment; the company reconciled a share miscalculation with the founders of InfoCasas in July.
The company recorded positive free cash flow in its first quarter results published in April.
Meanwhile, FDV has enacted a significant management reshuffle at the beginning of August, while CEO Shaun Di Gregario will step down in November.
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