PERTH (miningweekly.com) – Coal miner Cokal has flagged possible financial irregularities and fraudulent activities that could have impacted the company’s financial statements for the 2018 financial year.
The ASX-listed miner on Friday said that the company’s board was currently investigating the irregularities and activities, which concern Cokal's CFO and seven employees having received monies from a supplier of barging services to the company in Indonesia.
The employees notified the company that some A$150 000 exchanged hands.
Additionally, Cokal said that the company had allegedly been charged for services not incurred, or charged non-arm’s length amounts for services provided by that supplier.
The amounts are currently still outstanding and payable to the supplier, but will not be paid until the investigation is complete, Cokal said.
Some of the money received by the employees has been refunded, and Cokal said that the board was confident that with this, and the outstanding amounts owing being reduced by agreement with the supplier, there would be no financial loss to the company.
Once the investigation had been completed, Cokal would take ‘appropriate measures’ in respect of the CFO and the relevant employees, the company said.