FRRP decisions: significant errors at Cambrian Mining

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This week the Financial Reporting Review Panel (FRRP) concluded its review of Cambrian Mining plcs report and accounts for the year ended 30 June 2006. It was the end of an embarrassing saga for Cambrian, which saw trading in its AIM-listed shares suspended, new auditors brought in, and a 40 million operating profit reduced to a 4.6 million loss.

Cambrians accounting troubles first hit the press in December 2005 when the Financial Services Authority (FSA) fined then finance director Jonathan Jo Malins a record 25,000 for buying Cambrian shares ahead of the company announcements. The FSA ruled this market abuse, and levied what was then the largest fine to date for misuse of information (although other offences had attracted harsher penalities).

Malins offered his resignation but Cambrian cha...

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