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Exploration of Endeavour’s Former CEO Reveals $15m of Concealed Payments Exploration of Endeavour’s Former CEO Reveals $15m of Concealed Payments

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    Exploration of Endeavour’s Former CEO Reveals $15m of Concealed Payments

Endeavour recently made public that its former CEO, a French executive, directed undisclosed payments totaling $15 million without board notification. The company stated that these payments were camouflaged as an advance to a contractor.

Supported by Egyptian billionaire Naguib Sawiris, Endeavour clarified that de Montessus’ actions led to the company issuing two payments summing up to $15 million to the same entity that previously received $5.9 million.

Despite investigations conducted by the miner, no details about the ultimate recipients of these irregular payments have surfaced.

“Implausible and Untrue” Claims

De Montessus, asserting innocence, admitted to a “lapse in judgment” at some stage. He participated in two interviews as part of the internal probe, where he suggested that the initial payment was utilized for purchasing security equipment in a conflict-ridden zone. However, Endeavour dismissed this claim as “implausible and untrue.”

His sudden exit marked the end of his seven-year tenure steering Endeavour. During his leadership, the company underwent significant transformations, including various transactions and the construction of new mines to replace outdated, expensive operations.

Endeavour famously pursued a merger with Kinross Gold (TSX:K) last year, a proposal that Kinross ultimately declined.

Currently, Endeavour operates four gold mines situated in Senegal, Côte d’Ivoire, and Burkina Faso.