The financial regulator has slapped a £4.65m fine on Asia Resource Minerals (Arm) for breaching the listing rules.
The firm was cited by the Financial Conduct Authority (FCA) for having “inadequate systems and controls to comply with its obligations as a listed company”. This included failing to identify transactions valued at just over £8m.
Georgina Philippou, the FCA’s acting director of enforcement and market oversight, said Arm’s failings were “serious and went on for two years and ultimately led to the suspension of the company’s shares”.
Arm has just ended months of uncertainty over its ownership. Last week saw Nat Rothschild sell his 17 per cent stake in the group, after his attempt to take control of the Indonesian miner failed.