City File: MTM may see an end to its troubles
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE Serious Fraud Office is understood to have decided against acting on allegations in a report by the auditor Binder Hamlyn into the affairs of MTM, the troubled chemicals concern.
The report alleged aggressive and fraudulent accounting transactions to boost group profits and assets over a long period, but it is understood that the SFO has decided the amounts allegedly involved are too small to warrant a full investigation. The case has been handed back to the Department of Trade and Industry, which may appoint inspectors.
The SFO's decision is good news for attempts to refinance MTM. Bankers believe its financial health is not nearly as bad as feared and expect to be able to carry on supporting the company without the need for a complex financial restructuring, such as a debt-for-equity swap.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments