Endeavour, which is backed by Egyptian billionaire Naguib Sawiris, traded 12% lower in London on Friday, after falling 10% in Toronto following the announcement on Thursday. The company has named mining industry veteran and Deputy Chairman Ian Cockerill as CEO.
In a statement on Thursday, De Montessus said that in 2021 he instructed an unnamed creditor of Endeavour to offset an amount owed to the company for essential security equipment, to protect its partners and employees in an unspecified conflict zone.
“The decision had no additional cost to the company and did not benefit me personally in any way,” de Montessus said. “I omitted to inform the board that I had arranged for this offset, which I have freely accepted was a lapse in judgment.”
He said he was given 48 hours’ notice of the concerns and “no proper opportunity” to respond to them before he was fired.
“As to the other investigation: no misconduct of any…
