Kinross Gold settles Foreign Corrupt Practices Act charges

Reuters has reported that the U.S. Securities and Exchange Commission (SEC) have reached a settlement with Kinross Gold Corp over alleged Foreign Corrupt Practices Act violations.

The SEC said Canada-based Kinross repeatedly failed to implement adequate accounting controls of two African subsidiaries it acquired in a $7.1 billion transaction in 2010.

Without admitting or denying the findings, Kinross agreed in an administrative proceeding to a cease-and-desist order and a penalty of $950,000, the agency said.

(Reuters)