Companies

Desmond-linked African gold fund sacks senior executive

African Gold Acquisition Corporation announced that its chief financial officer had been illicitly withdrawing money from the firm’s bank accounts

African Gold Acquisition Corporation aims to spend $415 million buying African gold companies as a hedge against central bank-driven inflation. Picture: Bloomberg

A New York-listed blank-cheque investment fund linked to Dermot Desmond has sacked its chief financial officer over financial irregularities.

African Gold Acquisition Corporation, which is looking to spend $415 million buying African gold companies as a hedge against what it regards as central bank-driven inflation, made the announcement last week on the New York Stock Exchange.

The company told the market that on August 22, its board and financial advisers “discovered improper withdrawals from the ...