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3/26/18

The Kinross/SEC corruption settlement

Here's the link and this bit stands out because...

"...Kinross Gold is found to have awarded a lucrative logistics contract to a company preferred by Mauritanian government officials, despite concerns that the company was a high-cost provider with poor technical capabilities, in contravention of Kinross Gold’s bidding and tendering procedures.  Kinross Gold also contracted with a politically-connected consultant to facilitate contacts with high-level Mauritanian government officials without conducting required, heightened due diligence.  In addition, the company paid vendors and consultants without ensuring the payments were consistent with policies prohibiting improper payments."

...it's what Canadian domiciled precious metals mining companies do every single freakin' day in South America.
  • Contracts awarded to government connected companies? Check
  • Tendering processes ignored and contracts awarded to whoever at whatever cost? Check
  • The use of "facilitators"? Check
  • Slush fund payments to third parties? Check

Kinross's only real mistake was to list in the USA.