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 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into Kinross Gold's Activities in West Africa · Kinross Gold Corporation

Information & Summary

Investigation into Kinross Gold's Activities in West Africa

Related FCPA Matter:   Kinross Gold Corporation's Involvement in West Africa Information

Information & Summary

Investigation Name:    Investigation into Kinross Gold's Activities in West Africa

Trend:    None

Type of investigation:    Internal, SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:    Unknown

Whistleblower:    Unknown

Summary

Kinross Gold Corporation (“Kinross”) was a Canadian gold mining company, which developed and managed mining operations in the Americas, West Africa, and Russia. Kinross' common stock was registered with the SEC and traded on the New York and Toronto Stock Exchanges.

As disclosed in its March 30, 2016 40-F filing, in August 2013, Kinross received information regarding allegations of improper payments made to government officials and certain internal control deficiencies at its West Africa mining operations. External legal counsel was retained to conduct an internal investigation into the allegations. In March and December 2014, and July 2015, Kinross received subpoenas from the SEC seeking information and documents regarding the matter. In December 2014, Kinross received similar requests for information from the DOJ.

Kinross has cooperated fully with the agencies’ investigations.

On March 26, 2018, the SEC filed a settled cease and desist proceeding against Kinross. Under the terms of the settlement, Kinross agreed to cease and desist violating the books and records and internal controls provisions of the FCPA, pay a civil penalty of $950,000, and report to the SEC for a term of one year on the status of the implementation of the company's improved anti-corruption compliance procedures and internal controls.

That same day, Kinross disclosed in a 6-K filing that on November 7, 2017, the DOJ had notified Kinross that it had closed its investigation of the company without any further action and that it had noted the company’s full cooperation during the inquiry.

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