25 Mar 2015 09:28
25 March 2015
For Immediate Release
Asia Resource Minerals plc ("ARMS" or the "Company")
Financial Conduct Authority Investigation
On 23 May 2013, the Company reported to the FCA that three previously undisclosed related party transactions had been discovered. The Company noted that, in its view, there had been breaches of Listing Rule 11 in respect of these transactions. As announced on 4 November 2013, the FCA was investigating these transactions under section 97(2) of the Financial Services and Markets Act 2000 to ascertain whether there may have been breaches of the Listing Rules and the Disclosure Rules in connection with certain related party transactions set out in the 2012 Annual Report. The Company is co-operating fully with this investigation.
The FCA has now presented its current investigation summary to the Company, to the effect that there have been serious breaches of Listing Principle 2, Listing Rules 8 and 11 and DTR 4 in respect of the adequacy of the Company's procedures, systems and controls in the period 28 June 2011 to 19 July 2013. The FCA currently proposes to impose a substantial financial penalty as a result. The Company is currently considering how to respond to the FCA's position with a view to reaching an agreed outcome. The Company has set aside a relevant provision in its accounts for the 2014 half year of $7m.
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For enquiries, please contact:
Asia Resource Minerals plc
Sean Wade +44 (0) 20 7201 7511 |