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UK's FCA proposes fine on Asia Resource Minerals
[LONDON] Britain's Financial Conduct Authority has proposed imposing a "substantial" financial penalty on Asia Resource Minerals Plc following an investigation which highlighted a breach of listing rules, the company said on Wednesday.
Indonesia-focused but London-listed coal mining company Asia Resource Minerals (ARMS) said it is co-operating fully with this investigation and is now considering how to respond.
The company set aside US$7 million as a provision in its half year accounts for 2014, it said.
The FCA started the investigation over potential breaches of listing and disclosure rules after ARMS reported to the financial watchdog in May 2013 that three previously undisclosed related-party transactions had been discovered.
The FCA investigation summary now presented to the company highlights serious breaches of listing and disclosure principles related to the company's procedures, systems and controls between June 2011 to July 2013, ARMS said.