Vedanta Resources PLC (VED.LN) doesn't need to make any financial provisions related to a fraud investigation at its Sesa Goa Ltd. (500295.BY) iron ore unit, the company's chief executive said Thursday.
"It is our understanding it is a very old matter, and not of great significance," M.S. Mehta said during a call with reporters.
Sesa Goa, India's second-largest iron-ore miner by sales, last month said the country's federal fraud investigation agency has notified the company about a probe into its finances and management.
"This investigation pertains to 2003 well before Vedanta took over," Mehta said. "It has nothing to do with Vedanta."
Vedanta acquired the company in April 2007.
Company Web site: http://www.vedantaresources.com
-By Jeffrey Sparshott, Dow Jones Newswires; +44 (0)207 842 9347; jeffrey.sparshott@dowjones.com