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Central African frozen after accounts delay

25 Jun 2009


Central African Gold, once one of the stable of miners and drillers led by ex-England cricketer Phil Edmonds, has had its shares suspended.

The lightly-regulated junior Aim suspended trading in CAG after the company said it will be unable to publish its accounts for 2008 before next Tuesday's six-month deadline.

CAG said the accounts have been delayed after a view was taken on the numbers by auditor KPMG.

KPMG has raised issues over “a lack of complete accounting information” at CAG's Ghana operations, now in the hands of banking group Investec.

KPMG has also been unable to settle on the accounting treatment of CAG's Zimbabwean operations now the Zimbabwe dollar is no longer the working currency in that country.

CAG was one of a number of African companies founded by Edmonds and his sidekick Andrew Groves. Edmonds quit CAG in 2006.

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