A spokesperson for the previous CEO declined to remark concerning the settlement. De Montessus has beforehand mentioned he by no means personally benefited from the transactions.
De Montessus paid the sum to Endeavour final month after the 2 events concluded a settlement settlement, the corporate mentioned in a report revealed July 31.
An extra $26.4 million has already been forfeited and clawed again, Endeavour mentioned in final week’s report. The corporate in January outlined plans to claw again a complete of $29.1 million in remuneration, together with $15.6 million in unvested and forfeited share awards.
Endeavour has beforehand mentioned de Montessus signed a “private funding settlement” for a minimum of $500,000 in 2019 with a agency that holds a stake in a consortium which went on to purchase a small mine from Endeavour in 2022. The investigation was unable to “confirm to what extent” de Montessus “immediately profited from this relationship,” the corporate mentioned in March.
De Montessus beforehand mentioned funds to the UAE entity had been advances to a longtime contractor of the miner and for important safety tools, including that Endeavour didn’t endure any loss from the association. He additionally has mentioned that the $500,000 funding was by no means made.
Endeavour remodeled throughout de Montessus’ seven-year stint on the helm by means of a spate of dealmaking and mine-building that changed small and high-cost operations with newer initiatives. The corporate owns gold mines in West Africa with belongings throughout Senegal, Ivory Coast and Burkina Faso.
(By William Clowes)