Defendant Name:
Kinross Gold Corporation
Defendant Type:
Public Company
SIC Code:
1081
CUSIP:
49690240
Document Reference:
34-82946
Document Details
Legal Case Name
In the Matter of Kinross Gold Corporation
Document Name
Order Instituting Cease-and-Desist Proceedings, Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
26-Mar-2018
Document Format
Administrative Proceeding
AAER
3930
Allegation Type
Foreign Corrupt Practices Act
Document Summary
According to the SEC, "This matter concerns violations of the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act of 1977 ("FCPA") by Kinross Gold Corporation, a gold mining company. From September 2010 through at least 2014, Kinross operated gold mines in Mauritania and Ghana without devising and maintaining a system of internal accounting controls sufficient to provide reasonable assurances that transactions were executed in accordance with management's specific or general authorization. As a result, Kinross paid vendors and consultants, often in connection with government interactions, without reasonable assurances that transactions were consistent with their stated purpose or the prohibition against making improper payments to government officials. For certain of these transactions, the company used petty cash to pay consultants which it then failed to accurately and fairly describe in its books and records."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Other Compliance Related Undertaking
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$950,000.00
Shared:
