EY has resigned as MJ Hudson’s auditor after losing trust in the company’s ability to “provide us with accurate and reliable information for audit”.
The embattled private markets and alternative investments company received the news in a letter sent by the Big Four accountancy firm this morning.
EY’s letter to the firm said: “We are ceasing to hold office because we have lost trust and confidence in the company’s management and those charged with governance, and in their ability, along with your finance team, to provide us with accurate and reliable information for audit”.
MJ Hudson said it continues to work with an external accounting and financial services firm to allow accurate reports for 2022 to be completed. It said this will take “some time” and while it goes on, it will start searching for a new auditor.
The embattled asset manager also said it had completed the first process of seeking interest from parties to acquire its business units. It said there have been “a number of encouraging initial bids”.
The process will now enter a diligence phase before the company will decide on final offers.
MJ Hudson’s shares were suspended in December last year after it reported “issues” around historical trading reports. By then it had already lost around three quarters of its value since its IPO in December 2019.
The firm suspended its chief financial officer Peter Connell alongside the share suspension.
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