💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadUnlock them all

BRIEF-Katanga settles Congo investigation with Canadian regulator

Published 2018-12-18, 10:55 a/m
BRIEF-Katanga settles Congo investigation with Canadian regulator
KAT
-

Dec 18 (Reuters) - Katanga Mining Ltd KAT.TO :

* KATANGA MINING ANNOUNCES APPROVAL OF AGREEMENT TO SETTLE ONTARIO SECURITIES COMMISSION MATTERS

* KATANGA WILL MAKE A VOLUNTARY PAYMENT IN AMOUNT OF C$28.5 MILLION

* CEO JOHNNY BLIZZARD WILL RESIGN AS A DIRECTOR AND OFFICER OF COMPANY

* WILL MAKE REIMBURSE COMMISSION COSTS IN AMOUNT OF C$1.5 MILLION

* BLIZZARD'S RESIGNATION IS SUBJECT TO A SHORT TRANSITION PERIOD UNTIL HIS REPLACEMENT IS APPOINTED

* WILL SUBMIT TO REVIEW BY AN INDEPENDENT CONSULTANT OF METAL ACCOUNTING WITH RESPECT TO REPORTING OF PRODUCTION, FINANCIAL ACCOUNTING

* FOLLOWING INTERNAL REVIEW, COMPOSITION OF BOARD OF DIRECTORS WAS CHANGED TO INCLUDE THREE NEW DIRECTORS

* IN SETTLEMENT, AGREES CO MISSTATED ITS FINANCIAL POSITION AND RESULTS OF ITS OPERATIONS

* INTENDS TO ENTER INTO A MANAGEMENT AGREEMENT IN EARLY 2019 WITH ITS MAJORITY SHAREHOLDER, GLENCORE INTERNATIONAL AG

* IN SETTLEMENT, AGREES IT FAILED TO DISCLOSE MATERIAL WEAKNESSES IN ITS INTERNAL CONTROLS

* "KATANGA BELIEVES THAT MANAGEMENT AGREEMENT WILL ALLOW OPERATIONS TO BE MANAGED MORE EFFECTIVELY"

* FAILED TO ADEQUATELY DESCRIBE HEIGHTENED RISKS ASSOCIATED WITH RELIANCE ON INDIVIDUALS, ENTITIES ASSOCIATED WITH DAN GERTLER

* IN SETTLEMENT, AGREES IT FAILED TO MAINTAIN ADEQUATE DISCLOSURE CONTROLS, PROCEDURES, INTERNAL CONTROLS OVER FINANCIAL REPORTING

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.