News / stocks

Kinross Gold Charged With FCPA Violations

The Securities and Exchange Commission today announced a settled action against Canada-based Kinross Gold Corporation for Foreign Corrupt Practices Act violations arising…

Archive · 2018-03-26

Historical source material. Figures, regulations and case status may have changed since the original publication. This page preserves a source excerpt for research.

Read original source

The Securities and Exchange Commission today announced a settled action against Canada-based Kinross Gold Corporation for Foreign Corrupt Practices Act violations arising from the company’s repeated failure to implement adequate accounting controls of two African subsidiaries. According to the SEC’s order instituting a settled administrative proceeding, Kinross Gold acquired the African subsidiaries in a $7.1 billion transaction in 2010, understanding that the subsidiaries lacked anti-corruption compliance programs and internal accounting controls. It took Kinross Gold almost three years to implement adequate controls, despite multiple internal audits flagging widespread deficiencies. Even after implementing the controls, Kinross Gold failed to maintain them.

Research sources & methodology

Original sources and publication references.

Community

Tell us what you are researching. We will review your request.