ARMS reaches settlement with FCA
Saturday, April 18 2015 - 03:54 AM WIB
LSE-listed mining company Asia Resource Minerals Plc (ARMS) said it has reached a settlement with the Financial Conduct Authority (FCA) with regard to the investigation concerning certain related party transactions disclosed in the company's 2012 annual report and brought to the attention of the FCA by the company in May 2013.
?Details of the settlement must remain confidential at this stage until the FCA has published a statutory notice,? the company said in a statement Friday.
The company said it has cooperated fully with the FCA's investigation and accepted its findings. The financial penalty which is to be imposed is within the provision already made in the company's financial statements and forecasts, including the working capital forecasts for the ?open offer.? As stated in a March 25 statement, the Company has set aside a relevant provision in its accounts for the 2014 half year of US$7 million.
?This concludes the investigation commenced by the FCA on 4 November 2013, the main focus of which was three related party transactions between companies within the Berau Group and entities connected with Rosan Roeslani, with an aggregate value of $12.7 million,? ARMS said.
Editing by Reiner Simanjuntak