Desmond-backed gold firm fined $100,000 by US regulator over book-keeping failures

Securities and Exchange Commission charges African Gold Acquisition Corporation with “internal controls, reporting, and recordkeeping failures” after fraud committed upon company by former financial officer

Dermot Desmond: African Gold Acquisition Corporation is a New York-listed blank cheque company sponsored by the businessman. Picture: PA

African Gold Acquisition Corporation, the Dermot Desmond-backed blank cheque company, has been fined for poor book-keeping after a fraud perpetrated upon the firm by its former chief financial officer.

The company disclosed this week that the Securities and Exchange Commission (SEC), the US market regulator, had charged it with “internal controls, reporting, and recordkeeping failures”.

It said that “without admitting or denying the SEC’s finding in this matter”, the company agreed to a cease-and-desist order with regard ...