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FCA Investigation - Settlement

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RNS Number : 6286K
Asia Resource Minerals PLC
17 April 2015
 

 

 

 

17 April 2015

For Immediate Release

 

Asia Resource Minerals plc ("ARMS" or the "Company")

 

Financial Conduct Authority Investigation - Settlement

 

Further to its announcement on 25 March 2015, the Company has reached a settlement with the 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 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.

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.

The Company will comment further when the FCA publishes a statutory notice.

 

- ENDS-

 

For enquiries, please contact:

 

Asia Resource Minerals plc

 

Sean Wade                             

+44 (0) 20 7201 7511


 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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