Former chief executive of Endeavour Mining, Sébastien de Montessus, has claimed that he was wrongfully terminated over an alleged misconduct that he did not commit.
In a statement released on Friday, De Montessus explained that he had instructed a creditor of the gold miner to offset an amount owed to the company. This payment was intended to fund essential security equipment for the protection of the company’s partners and employees in a conflict zone.
De Montessus emphasized that this decision did not incur any additional cost to the company and did not provide him with any personal benefits. However, he admitted that he had neglected to inform the board about arranging this offset, acknowledging that it was an error in judgment on his part.
De Montessus expressed frustration over his lack of opportunity to fully address questions related to the investigation into the matter.
Endeavour Mining announced on Thursday that the board had recently discovered the $5.9 million payment instruction during a review of acquisitions and disposals. As a result, Ian Cockerill, the company’s deputy chairman, was appointed as the new CEO and executive director.
Following this announcement, the company’s shares experienced a sharp decline of 10% on the Toronto Stock Exchange, reaching C$25.98.