Australia's K2fly slumps most in over 3 yrs on likely tax fraud at unit

K2FLY

08/03/2022 01:22

** K2fly Ltd  K2F.AX  slumps as much as 19.4% to A$0.145,
their biggest intraday pct loss since Jan. 25, 2019
    ** Software and services provider says https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02496672-6A1080675?access_token=83ff96335c2d45a094df02a206a39ff4
 suspected fraud event regarding tax discrepancies in its South
African unit
    ** Says investigation is ongoing but a prelim report
suggests the fraud was perpetuated by a former employee at its
South African unit 
    ** Says prelim report identified suspicious payments
totalling A$745,000 ($546,010.50) to two accounts
    ** Adds that insurance cover would likely partially cover
the exposure
    ** K2F hits lowest since March 2020
    ** About 291,000 shares change hands, vs the 30-day average
of 179,000 shares
    ** K2F down 41% so far this year, as of last close

($1 = 1.3644 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))