Petropavlovsk PLC (LON:POG) has announced the appointment of KPMG LLP to undertake a forensic investigation into certain transactions undertaken by the Company and its subsidiaries, and IRC Ltd and its subsidiaries, in the three years to August 2020.
The investigation, principally into related party transactions, was proposed at the Requisitioned General Meeting on 10 August 2020, and approved by 84% of shareholders. The formal investigation will start immediately. The Board believes that it has already identified several areas which warrant further enquiry and will be providing such information to KPMG.
The Company encourages any party or person with knowledge relevant to the investigation to contact KPMG at Resolution19@kpmg.com in confidence.
James W Cameron Jr, Petropavlovsk Chairman said, “The Board is pleased to announce the appointment of KPMG in accordance with shareholders’ instructions and welcomes the commencement of the investigation. Petropavlovsk has failed to deliver value to its shareholders and employees over many years, and we believe that poor governance and controls have been a major contributory factor. The current Board is committed to transparency and exposing any historic instances of failed corporate governance, as well as to the recovery of any misappropriated funds or assets.”