- Russia-focused gold miner Petropavlovsk said it had appointed of KPMG to investigate 'certain transactions' undertaken by the company in the three years to August 2020.

The forensic investigation was principally into related party transactions and had been approved by shareholders at a general meeting in August.

Petropavlovsk said its board believed that it had already identified several areas that warranted further enquiry and would be providing the related information to KPMG.

'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,' chairman James W Cameron said.

'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.'

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