ASA raises red flag over suspicious transactions

ASA Resources Plc has notified financial institutions in the region and in China of suspicious transactions involving its sacked directors in adherence to money laundering laws.

The London Stock Exchange-listed diversified resources group is also on course to notify the National Crimes Agency of England over the matter.

This comes after China International Mining Group Corporation’s representatives on the Asa board, chief executive Yat Hoi Ning and financial director Yim Kwan are alleged to have designed an obscure web to externalise $4,3 million out of Zimbabwe.

Asa Resources group legal advisor Barry Dearing told The Herald Business on Thursday that investigations were still in progress and there is a conviction within the group to make sure that sanity prevails.

“We will leave no stone unturned on this matter to make sure sanity prevails at the company. It is too early to say whether there will be any criminal charges against the former executives.

“So far we have notified banks in Hong Kong, Democratic Republic of Congo and South Africa of suspicious transactions under money laundering regulations,” said Mr Dearing.

A source close to the investigations told The Herald Business that Asa Resources Plc shareholders now have a defined plan to restore proper controls at the diversified mining group.

Information says the funds could have been externalised through flawed procurement systems.

Mr Dearing further told this publication that Messrs Ning and Kwan have been relieved of their directorship in the company.

This will see Mr Ning maintaining only his shareholder status.

As part of the current restructuring, the diversified group has appointed Toindepi Muganyi as its interim chief executive and Carla Mackay as interim finance director.