LONDON (Alliance News) - Asia Resource Minerals PLC has been fined GBP4.7 million by UK regulators for breaching listing rules.
In a statement, the UK's Financial Conduct Authority said the Indonesian coal mining company had inadequate systems and controls to comply with its obligations as a listed company.
According to the regulator, Asia Resource Minerals, previously known as Bumi PLC, failed to identify related party transactions valued at just over GBP8 million.
Georgina Philippou, the FCA's acting director of enforcement and market oversight, said the company should have been "alive" to the regulator's requirements.
"Asia Resource Minerals fell below the standards we expect; the failings were serious and went on for two years and ultimately led to the suspension of the company?s shares. We expect listed companies to comply with the UK Listing Rules from Day 1 of listing and the penalty in this case demonstrates that we will take strong action when companies fail to meet the required standards," Philippou said in a statement.
The fine took in to account a 30% discount because the company agreed to settle at an early stage of the investigation.
Asia Resource Minerals shares are currently suspended from trading.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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