WASHINGTON, March 26 (Reuters) - The U.S. Securities and Exchange Commission said on Monday it had reached a settlement with Kinross Gold Corp K.TO 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.