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Finablr – It's Thank You And Goodbye

What day is it when the City is about to depart on its summer holidays, the first day of the Commonwealth Games and England’s Lionesses are about to contest a final against Germany? It is, of course, a good day to bury bad news. And so, just as the Stock Market was opening and traders not on holiday had their eyes on the market, it was announced that fully-listed Finablr (FIN) was being consigned to the dustbin from the London Stock Exchange, with immediate effect. Blink, and you missed it.

EPIC FIN
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BREAKING: Finablr – Administrators Appointed .....It's Thank You And Goodnight, all the money's gone

It was announced at 2.54pm today that fully-listed – and suspended for two years in the wake of a catastrophic controversy involving undeclared debts and so on – has finally been placed into administration, under the care of PKF GM. Having lost a second auditor last week with no accounts published since August 2019 (the half-year to June 2019) that was already a very bad sign and now it is over to PKF to perform the last rites.

EPIC FIN
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Finablr – Now Second Auditor Resigns

Oh dear, oh dear, oh dear. If it was not enough that the fine firm of EY (formerly known as Ernst & Young) resigned as Finablr’s auditor amid the shocking revelations over undeclared debts owed by fully-listed but suspended since March 2020 Finablr (FIN), we learnt last week that replacement auditor, PKF Littlejohn, threw in the towel last week. To lose one auditor might be seen as a tad careless, but to lose a second with no accounts published in between times is truly shocking.

EPIC FIN
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Finablr – Word From Beyond The Grave

That fully-listed Finablr (FIN) has not yet be dumped off the London Stock Exchange is a bit of a mystery to me as it is surely insolvent without hope of redemption. But it is still there and this afternoon, as the City was clearing its desks for the day at 4.07pm came an announcement.

EPIC FIN
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Finablr – When will this fraud delist, worthless, as CEO walks the plank?

It was back in January that I asked if fully-listed Finablr (FIN) was a house of cards. Well, it was – and having denied any problems over and over again, we finally learnt that it had suffered the same fate as fellow Dr Shetty vehicle NMC Health (NMC) with secret cheques being written, director shares being sold and a mountain of debt racked up. Earlier this month Finablr announced it had entered into a definitive agreement to sell Finablr Ltd for just $1.

EPIC FIN
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Finablr – Travelex agrees debt-for-equity rescue, 0p here we come

It has been obvious for a while that shareholders in Finablr (FIN) would lose everything following the fraud exposed at NMC initially by Muddy Waters, and mirrored at Finablr. And whilst the company at first denied that there was anything wrong – more fool it – it is now clear that there were monumental problems.

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