Dublin-listed IFG says legacy claims could cost it over £20m

Shares down 17% at one point but recover in later trading

According to IFG, around 500 of James Hay’s clients invested a total of about £55 million (€62 million) in Elysian Fuels

According to IFG, around 500 of James Hay’s clients invested a total of about £55 million (€62 million) in Elysian Fuels

Dublin-headquartered but UK-focused financial services firm IFG has said legacy issues, including an investigation by HM Revenue and Customs (HMRC) into a structured investment previously offered to clients, is impacting on the business and could cost it more than £20 million (€22.7 million).

Shares in IFG plunged after the unscheduled trading update in which it outlined plans to sell off one of its two UK businesses, with the stock down 17 per cent at one point. However, the share price recovered over the course of the day and closed down 2.9 per cent at €2.00.

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