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Home > Finance > UK-based Phoenix Copper suspends top brass amid payment inquiry

UK-based Phoenix Copper suspends top brass amid payment inquiry

Published by Global Banking & Finance Review®

Posted on February 9, 2026

2 min read

Last updated: February 9, 2026

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Tags:management corporate governance financial crisis payments Investigation

Quick Summary

Phoenix Copper suspends its executive chairman and finance chief amid a payment inquiry, causing shares to drop by 50%. The company is reviewing funding options.

Phoenix Copper Suspends Executives Amid Payment Investigation

Phoenix Copper's Executive Suspension

Feb 9 (Reuters) - UK-based Phoenix Copper Limited said on Monday it had suspended its executive chairman and finance chief with immediate effect while it investigates allegations over their conduct and past payments to a former corporate finance adviser, sending shares down as much as 50% to a record low of 1 pence.

Details of the Investigation

The U.S. and copper‑focused miner also said it was reviewing funding options and warned current cash would cover obligations only until early in the second quarter of 2026 without additional financing.

Financial Implications and Funding

Executive Chairman Marcus Edwards-Jones and Chief Financial Officer and Company Secretary Richard Wilkins were suspended as the probe examines alleged issues linked to payments to Lloyd Edwards-Jones S.A.S., the company’s former adviser co-founded by the chairman.

Company's Response and Future Steps

The company gave no further details. It put interim financial oversight in place, began searching for a temporary finance chief and outsourced the company secretary function.

Phoenix said it remains in talks with Riverfort Global Opportunities PCC Limited over a short-term loan facility. Edwards-Jones and Wilkins did not immediately respond to Reuters requests for comment on LinkedIn.

(Reporting by Ankita Bora in Bengaluru; Editing by Nivedita Bhattacharjee)

Key Takeaways

•Phoenix Copper suspends top executives amid payment investigation.
•Shares plummet by 50% following the announcement.
•Company reviews funding options to cover future obligations.
•Interim financial oversight and temporary finance chief search initiated.
•Talks with Riverfort Global for a short-term loan facility continue.

Frequently Asked Questions about UK-based Phoenix Copper suspends top brass amid payment inquiry

1What is corporate governance?

Corporate governance refers to the systems, principles, and processes by which companies are directed and controlled, ensuring accountability and transparency in a company's operations.

2What is a financial crisis?

A financial crisis is a situation in which the value of financial institutions or assets drops significantly, leading to a loss of confidence and potential economic downturn.

3What is an investigation in a corporate context?

An investigation in a corporate context typically involves a formal inquiry into the actions or practices of a company or its executives to determine compliance with laws and regulations.

4What is executive management?

Executive management refers to the group of individuals at the highest level of an organization responsible for making strategic decisions and overseeing the overall operations.

Phoenix Copper's Executive Suspension

Details of the Investigation

Financial Implications and Funding

Company's Response and Future Steps

The company gave no further details. It put interim financial oversight in place, began searching for a temporary finance chief and outsourced the company secretary function.

(Reporting by Ankita Bora in Bengaluru; Editing by Nivedita Bhattacharjee)

Key Takeaways

•Phoenix Copper suspends top executives amid payment investigation.

•Shares plummet by 50% following the announcement.

•Company reviews funding options to cover future obligations.

•Interim financial oversight and temporary finance chief search initiated.

•Talks with Riverfort Global for a short-term loan facility continue.

Frequently Asked Questions

1What is corporate governance?

Corporate governance refers to the systems, principles, and processes by which companies are directed and controlled, ensuring accountability and transparency in a company's operations.

2What is a financial crisis?

A financial crisis is a situation in which the value of financial institutions or assets drops significantly, leading to a loss of confidence and potential economic downturn.

3What is an investigation in a corporate context?

An investigation in a corporate context typically involves a formal inquiry into the actions or practices of a company or its executives to determine compliance with laws and regulations.

4What is executive management?

Executive management refers to the group of individuals at the highest level of an organization responsible for making strategic decisions and overseeing the overall operations.