The CEO of London, U.K.-based Endeavour Mining has been terminated for “serious misconduct with immediate effect,” by the company’s board of directors.
“This follows an investigation by the Board into an irregular payment instruction issued by him in relation to an asset disposal undertaken by the Company,” the company said in a press release. “The amount of this irregular payment instruction is US$5.9 million.”
It said the board recently became aware of this in the course of a review of acquisitions and disposals, which is ongoing, and that CEO Sébastien de Montessus had been removed.
Earlier allegations
Separately, in October 2023 allegations were made against Sébastien de Montessus through the Company’s confidential whistleblowing channel relating to his personal conduct with colleagues. Following a recent external investigation, the Board had received the findings and, at the point of termination, was considering the appropriate course of action, it said in the same press release.
Ian Cockerill, currently deputy chair of the board, has been appointed as CEO and executive director.
Law firm announces investigation on behalf of shareholders
Siskinds LLP, based in London, Ont., said it is investigating potential shareholder claims against Endeavour Mining and certain directors and officers related to the termination.
“Following this announcement Endeavour Mining’s share price declined significantly,” it said. It encouraged investors who acquired shares in the company after Jan. 22, 2021, and before Jan. 4, 2024, or who have information relevant to the investigation to contact Zohra Bhimani.
Bhimani is an associate in class actions at Siskinds.
