Baltic Oil suspended from trading on accounts delay
SHARES in Aim-listed Baltic Oil Terminals were suspended yesterday, after the company admitted it would miss a deadline to provide shareholders with its audited accounts.
Baltic was forced to refile its accounting records after irregularities were uncovered relating to its operations in Kaliningrad in Russia.
Changes in the senior management team at Kaliningrad earlier this year led to the discovery that some of the company’s local records had been destroyed, and an attempt made to replace them with false data.
Under Aim’s rules, listed companies have six months to file audited results after their year end, which for Baltic Oil fell on 31 December.
Though the company insists results will be in line with expectations and denies any uncertainty around its Russian operations, the suspension will add further pressure to its shares, which have lost more than 80 per cent of their value since its float in 2006.