KPMG Petropavlovsk Probe Raises Doubts on $300 Million of Deals

A KPMG forensic investigation commissioned by Petropavlovsk Plc has unearthed questionable deals worth hundreds of millions of dollars, the Russian gold-mining company said Friday.

London-listed Petropavlovsk said KPMG’s probe of its dealings with another mining company, IRC Ltd, found problems with transactions totaling $302.4 million in the three years to August 2020. KPMG didn’t make any specific accusations of illegal actions but did “establish some clear patterns of inappropriate behavior,” Petropavlovsk said.

• “With the publication of this report, we hope to draw a line under the corporate governance lapses that, in the past, may have permitted individuals within the company ...