BRISBANE, Australia — Shares of Corporate Travel Management Ltd. plummeted more than 82% Thursday, falling to $2.87, as the travel management company resumed trading on the Australian Securities Exchange for the first time in more than a year following a UK accounting scandal that forced an extended trading suspension.

The stock's collapse came after the ASX lifted its suspension on Corporate Travel Management following the company's lodgment of its Preliminary Final Report for the financial year ended June 30, 2026. The shares had last traded on the exchange in August 2025 at roughly $16, meaning Thursday's price represented a steep repricing of the business after more than a year of uncertainty over its financial position.

The trading halt had been in place since Aug. 26, 2025, triggered by an independent investigation that found the company's former United Kingdom chief executive had forged customer agreements, overcharged clients and retained funds that were owed back to those customers. The revelations forced Corporate Travel Management to undertake an extensive review of its UK operations and delayed the release of its audited financial statements for well over a year.

As part of that review, the company identified an estimated revenue reversal of roughly 118 million British pounds tied to the UK overbilling issue. Corporate Travel Management has since reached binding agreements with customers covering 86% of that estimated reversal, resulting in agreed refunds totaling approximately 87 million pounds to be paid in stages through September 2027. The company also separately agreed to pay 12........

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