The firm says it wants to investigate an irregularity in its TMG division. The division currently has a number of distribution deals with Formula One teams, among them BMW Williams, Honda, Jaguar and Jordan.
The Podia Group includes Jardine Communications, the sports PR outfit, headed by UK Formula One commentator Tony Jardine and Event Vision the event management firm involved in hospitality at various Grand Prix.
However, Podia says the investigation is confined purely to TMG and that its other businesses are not affected. It is not believed the 'irregularity' is a criminal act.
Said a statement from Podia: "The Podia board wishes to confirm that the primary focus of the current investigation is its TMG UK subsidiary and that it is not presently aware of any irregularity relating to either its Event Vision or Jardine subsidiaries.
"The primary area being examined relates to the financial and trading activities of TMG UK in respect of the period from 30 June this year.
"It is hoped that a further announcement reporting on progress of the current enquiry in relation to TMG will be forthcoming in the next few days."
Last night, Podia suspended Hatim Dungarwalla, the company and group finance director
until further notice pending the full outcome of the investigation.
When shares were suspended, the Podia Group was valued at £12m.
