11th Oct 2018 11:07
LONDON (Alliance News) - Acacia Mining PLC on Thursday said one of its employees has been charged by Tanzania's corruption taskforce.
The employee, a South African national, has been charged by the Prevention & Combating of Corruption Bureau under the Prevention & Combating of Corruption Act in the country.
Acacia said the charge relates to past activity of a land task force, which was set up by the Tanzanian government and Acacia subsidiary North Mara Gold Mine Ltd in 2012 to value land around Acacia's North Mara mine. It operated between 2013 and 2015.
The employee was not involved in the land valuation process, and has been charged due to his being responsible for signing cheques for approved payments made by North Mara Gold Mine at the time.
Acacia said two government employees have also been charged with receiving money from North Mara Gold Mine in the same transaction.
Tanzania has also charged "a number" of government officials over their relationships with the North Mara operator.
Acacia said its employee has pleaded not guilty and has been granted bail.
Acacia said: "The company is committed to running its business to the highest ethical standards and is taking this matter extremely seriously."
"The company notes historical allegations and issues around the creation and implementation of the land task force at North Mara from 2013 to 2015 have been subsequently investigated over the past four years, including by the PCCB itself since early 2017, and North Mara Gold Mine and the company have been working with and assisting the responsible authorities throughout."
Acacia shares were 5.7% lower on Thursday at a price of 145.80 pence each.
Related Shares:
ACA.L