London Stock Exchange-listed ASA Resources Plc's key Zimbabwe units - Bindura Nickel Corporation Limited and Freda Rebecca Gold Mine Limited -- have applied to the High Court to have the businesses placed under provisional judicial management, citing a serious financial crisis that has seen its debts ballooning to over US$31,3 million.
The top gold mine also attributed its current operational crisis to mismanagement by Chinese investor and shareholder in ASA Resource Group (formerly known as ASA Mwana Africa Plc), China International Mining Group Corporation, whose directors have since been issued with warrants of arrest following the alleged externalisation of funds.
...