Chemours completes financial probe

Chemours’s board of directors has completed an internal review of accounting irregularities that led to the ouster of CEO Mark Newman. In February, Newman was placed on leave pending the review. The probe found that $100 million in payments from Chemours to vendors due in the fourth quarter of 2023 were delayed until the first quarter of this year. Meanwhile, Chemours’s collection of $260 million in receivables due in the first quarter of this year was pushed to the fourth quarter of 2023. The moves boosted the company’s cash flow numbers. The audit found similar gaming in 2022 of $40 million in payments delayed and $175 million in receivables accelerated. Newman has resigned, but the audit may not close the book on the scandal. More than half a dozen law firms are preparing shareholder suits against the company.