Unveiling Financial Intrigues: Former CEO with Suspicious $15 Million ”Payments”
Amidst the bustling corridors of Endeavour Mining (TSX, LON: EDV), an internal scrutiny recently laid bare a web of financial intricacies surrounding the former helm, Sébastien de Montessus. The investigation, culminating in January’s dismissal of de Montessus, unearthed a clandestine trail of transactions totaling a staggering $15 million, shrouded in secrecy and undisclosed recipients.
London’s hub for precious metals found itself embroiled in controversy when it surfaced that de Montessus had greenlit an irregular payment of $5.9 million linked to an asset sale, unbeknownst to the board. The transaction, camouflaged as an advance installment to a contractor, was the tip of an iceberg that led to a cascade of payments funneling to an undisclosed third party.
Endeavour, bolstered by the patronage of Egyptian magnate Naguib Sawiris, underscored that while no evidence pointed to bribery or transactions with sanctioned entities, the true beneficiaries of these irregular disbursements remained elusive despite exhaustive inquiries.
In a theatrical denouement to his seven-year stewardship, de Montessus vehemently refuted allegations of misconduct, though conceding to a momentary lapse in judgement. His narrative, spun around the purported procurement of security equipment in conflict zones, was swiftly debunked as “implausible and untrue” by Endeavour’s investigative arm.
De Montessus, whose tenure saw Endeavour’s metamorphosis through strategic deals and the establishment of new mines, bid an abrupt adieu amidst the mire of controversy. The company’s aspirations for expansion were recently thwarted when its overtures towards Kinross Gold (TSX: K) met with a resolute rebuff.
As the dust settles, Endeavour continues its operations across four gold mines sprawled across Senegal, Côte d’Ivoire, and Burkina Faso, navigating turbulent waters amidst the fallout of its leadership’s tumultuous exit.
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