14th Aug 2014 05:46
LONDON (Alliance News) - The board of mining firm African Minerals Ltd is considering ending the role of Frank Timis as the company's executive chairman and has pledged to strengthen its governance following an internal probe into whether Timis benefited from a USD50 million payment to a Cyprus-registered iron ore company, the Financial Times reported on Thursday.
Roger Liddell, a senior independent director of the company, said at its annual shareholder meeting that Timis should give up his role as executive chairman in the longer term, the FT reported.
African Minerals disclosed earlier this month that it held an internal investigation after receiving allegations that Timis, the company's founder and who holds a 13% stake in the business, held a 25% stake in Global Iron Ore, a Cyprus-registered company which holds a relationship with African Minerals.
The probe has already seen Dermot Coughlan resign as a director of the company following allegations he, and his son, Craig, also held an interest in GIO Cyprus.
http://www.ft.com/cms/s/0/4fe6c99a-22df-11e4-9dc4-00144feabdc0.html?ftcamp=crm/email/2014814/nbe/UKBusiness/product&siteedition=uk#axzz3ABA7ptlv
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
AMI.L