FSM Holdings Limited (1721) issued an announcement on 7 November 2025 stating that its auditor, PricewaterhouseCoopers (PwC), has resigned with immediate effect. The decision follows the Office of Foreign Assets Control (OFAC) designation of a former executive director and controlling shareholder of the company, who was placed under sanctions in connection with alleged transnational criminal activities.

According to the announcement, PwC determined that retaining its association with the company would be inappropriate due to ethical responsibilities and client continuance policies. The outgoing auditor has not provided confirmation regarding any additional matters that require the attention of shareholders and creditors, except those already disclosed in the announcement.

The board of directors and the audit committee confirm no disagreements with PwC. The company will identify suitable auditors to fill the vacancy and make further announcements in due course.