Miner boss probe steps up
ENDEAVOUR said an investigation into its former boss who was sacked due to ‘serious misconduct’ will be completed ‘as quickly as possible’.
The gold miner’s board fired Sebastien de Montessus as chief executive this month amid a probe into a £4.6m ‘irregular payment instruction’ he issued.
Last week the board stripped the French businessman, who had led the company since 2016, of more than £23m in pay and bonuses. The company, which is listed in London and Toronto, yesterday said the investigation is ‘ongoing and will be progressed as quickly as possible’.
endeavour – the largest gold producer in West africa – said it discovered the irregular payment during a review of its acquisitions and sales of parts of the business. It is unclear where the payment was directed and the review is aiming to uncover the details.
de Montessus, 49, admitted to making the payment, saying it was for security equipment for employees working in a conflict zone in 2021.
The former chief executive, who was the highest paid FTSE 100 boss in 2021, said a ‘lapse in judgement’ meant he did not inform the board of the payment. he added: ‘The decision has no additional cost to the company and did not benefit me personally in any way.’
endeavour also revealed this month that de Montessus has faced separate allegations over his personal conduct with colleagues. The allegations, the content of which was not disclosed, were made in October through a ‘confidential whistleblowing channel’.
de Montessus said an external investigation by London law firm Linklaters had not upheld those claims.
Yesterday’s update came as endeavour revealed it expects significant growth in production in 2024, with output forecast to rise almost a fifth compared to last year.
a spokesman for de Montessus declined to comment further yesterday.