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Braemar PLC conducted an independent investigation in 2023 into transactions from 2006 to 2013, subsequently recognising and retaining a c. $2.5m provision in its FY23, FY24, and FY25 accounts, which was ring-fenced in a separate bank account. On 11 June 2025, the National Crime Agency (NCA) was granted an account freezing order relating solely to this separate bank account and the ring-fenced c. $2.5m.
| Date | 11 Jun 2025 |
| Time | 11:11:12 |
| Category | Corporate updates |
| ID | 4122M |
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
11 June 2025
BRAEMAR PLC
("Braemar", the "Company" and together with its subsidiaries, the "Group")
Investigation Update
As disclosed in the Group's FY23, FY24 and FY25 Annual Report and Accounts, an independent investigation was conducted during 2023 that focused on several transactions dating back from 2006 to 2013. Post-investigation, the Group recognised a provision in relation to these transactions of c. $2.5m in its FY23 accounts and retained the provision in its FY24 and FY25 accounts. The Group also took key remedial actions and steps to comply with applicable accounting, legal, and regulatory obligations, which included ring-fencing that amount in a separate bank account.
The board is pleased to report that, following notification in late January 2025, the National Crime Agency (NCA) has today been granted an account freezing order in respect of the separate bank account. The order relates solely to the separate bank account and the ring-fenced amount, and does not apply to, or otherwise impact the Company's trading or net assets. The Company has cooperated fully with the NCA throughout, will continue to do so, and looks forward to releasing the provision in due course.
Enquiries:
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Braemar Plc |
Tel: +44 (0)20 3142 4100 |
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James Gundy, Group Chief Executive Officer |
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Grant Foley, Group Chief Financial & Operating Officer |
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Rebecca-Joy Wekwete, Company Secretary |
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Houston |
Tel: +44 (0)20 4529 0549 |
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Kate Hoare / Charlie Barker / Ben Robinson |
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Canaccord Genuity |
Tel: +44 (0) 20 7523 8000 |
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Adam James / Harry Rees |
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About Braemar Plc
Braemar provides expert advice in shipping investment, chartering, and risk management to enable its clients to secure sustainable returns and mitigate risk in the volatile world of shipping. Our experienced brokers work in tandem with specialist professionals to form teams tailored to our customers' needs, and provide an integrated service supported by a collaborative culture.
Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.
For more information, including our investor presentation, visit www.braemar.com and follow Braemar on LinkedIn.