UK authority fines ARMS
Thursday, June 18 2015 - 02:04 AM WIB
LSE-listed mining firm Asia Resource Minerals plc (ARMS) said that the UK Financial Conduct Authority (FCA) has fined the company following completion of investigation concerning related party transactions involving its Indonesian coal mining subsidiary PT Berau Coal and entities related to Rosan Roeslani, then director of the company.
?The company has accepted the FCA's findings. The FCA has imposed a financial penalty of ?4,651,200, which is within the provision already made in the company's financial statements and forecasts,? ARMS said in a statement Wednesday.
ARMS said that these related party transactions were brought to the attention of the FCA by the company in May 2013 and subsequently disclosed in the company's 2012 Annual Report issued on 31 May 2013.
It added that the company reviewed and enhanced its policies and procedures in the context of the return to trading of its shares which took place on July 22, 2013.
Meanwhile, FCA said in a separate statement that the company had ?inadequate systems and controls to comply with its obligations as a listed company.?
ARMS failed to identify related-party transactions valued at more than 8 million pounds, according to the FCA.
Editing by Reiner Simanjuntak