Public company fined £4.65m by the FAC for breaching Listing Rules

The Financial Conduct Authority (FCA) in the UK has fined Asia Resource Minerals plc (ARM), formerly Bumi plc, £4,651,200 for having inadequate systems and controls to comply with its obligations as a listed company, breaching various rules applicable to listed companies and failing to identify related party transactions valued at just over £8m.

The FCA found that ARM committed serious breaches of Listing Principle (LP) 2, Listing Rules (LR) 8 and 11 and Disclosure and Transparency Rule (DTR) 4 in the period 28 June 2011 to 19 July 2013.