A non-executive director of Asia Energy PLC, which is developing Phulbari coalmine in Bangladesh, resigned after he had been fined by the British financial watchdog for a share scam involving another company.
"Within two hours of fining Jonathan Malins by Financial Service Authority (FSA), we called him and he resigned," a senior executive of Asia Energy told the news agency.
The executive said Malins holds "insignificant" number of 250,000 shares out of 6.5 million shares of Asia Energy.
Malins was originally executive director of Cambrian Mining, which is also a stakeholder of the Asia Energy.
The FSA imposed a £25,000 fine on Jonathan Malins after it had found that Malins twice bought shares in Cambrian while in possession of positive inside information.
