The SEC continues to exercise its powerful enforcement tool – internal controls violations – in FCPA enforcement actions against public companies. Kinross Gold Corporation is the latest company to enter into an FCPA settlement.
Kinross agreed to pay $950,000 for inadequate internal controls and books and records violations centered on the activities of two mining companies Kinross acquired. The SEC cited no evidence of any bribes paid by Kinross to a foreign official. The agreed on factual statement centered on Kinross’ failure to clean up the activities and records of two companies Kinross acquired.
In 2010, Kinross acquired two mining companies – one in Mauritania and another in Ghana. As part of its due diligence process, Kinross learned that the two mining…
