An Irish-registered financial spread-trading company has suspended trading of its shares today after the new management team identified possible financial irregularites in the business.
WorldSpreads Group Plc was founded in Ireland in 2000. It employs about 100 people in 10 offices around the world - just five are based in Dublin.
The Group's CEO, co-founder and biggest shareholder Conor Foley resigned on Wednesday, two weeks after the Chief Financial Officer Niall O'Kelly had tendered his resignation.
After their appointment, the new management team engaged in a detailed review of the state of the business.
Executive Chairman of WorldSpreads Group plc Lindsay McNeile told RTÉ this evening said the review had identified "material and serious" issues of concern in the business.
It was decided that trading of the shares should be suspended from trading on the London pending a full investigation of the business.
In a statement today, the Group said the suspension would remain in place until such time as WorldSpreads was able to determine the Group's financial position "with sufficient clarity".
According to its website, WorldSpreads pioneered the introduction of spread trading in Ireland when it was founded in 2000 and then expanded into the UK in 2005.
It provides its clients with the opportunity to trade across multiple financial markets using financial spread trading and Contracts For Difference (CFDs).
It describes itself as offering "a full range of prices on the world's equity, currency, interest rate and commodity markets in a low cost and tax efficient manner across a number of different markets and jurisdictions".
Former finance minister Charlie McCreevy joined the board of Worldspreads in March 2011.
