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I cant see any shareholders condoning or tolerating this type of extortion by a member of Centamin management ,even if he is now an ex procurement manager, but that said if this has taken place to what extent has overcharging and over what time period as the costs could be considerable and can we be sure that this extortion isn't going on in other areas of the company
Obviously the more honest contractors have been put in a very awkward position but that said it is us shareholders who have paid the price and over what period. if its happening with one contactor then its very likely been happening with others?
if the complainant is willing to supply the relevant proof and would like some action taken that confidentiality is assured until the right time to expose this scam to the appropriate company management and the appropriate regulators/authorities, if these allegations can supported with the appropriate evidence then this is criminal activity of a very serious nature and I think the UK and Canadian regulators , not to mention the funds invested wouldn't be at ll impressed with this type of behaviour by a Ftse 250 company !
If this is true then it's very concerning that there are contractors out there who have had no choice but to pay what amounts to a bribe to get business or a commercial advantage from a purchasing manager at Centamin.
Possibly this is the result of having executives so far removed in Jersey from the operations themselves or possibly local custom and practice at the Eygptian operation?
From Linked In contact
A friend of mine went through a bad experience with Centamin
As he said the main reason is the ex procurement manger who's called Mohammed Kamal
He forced all the subcontractors to pay him a percentage of every single invoice
Conversely he gives them a high price for every job which cost the company a lot of money increase over the market prices through the Egyptian market
If you need more info with documents and the names of the companies involved in this disastrous corruption
Let me know to pass you his contacts details
actually he tried many times to expose this mad corruption but with no result yet!
Also of note on Linked in that Centamin is just now looking for a new procurement officer ( i would think to replace the above crook!) see here:
Sukari Gold Mines is seeking for the following positions:
📌Inventory Controller (3-5 years of experience / SAP User is a must)
📌Supply Chain Engineer (1-2 Years of Experience / SAP User is Preferred)
📌Procurement Officer (3-5 years of experience / SAP User is preferred)
📌Maintenance Planner (+5 years of experience, SAP User is preferred)
📌HSES Training Officer (3-5 years of experience)
📌Environmental Officer (3-5 years of experience)
**Females are actively encouraged to apply**
Any comments from Mr Henderson or Siko on these allegations would be gratefully received.
Some well meant respectful words of caution Mr T, in my opinion this forum is not the place for discussion of unsubstantiated third hand hearsay "friend of a friend said" type allegations.
If the whistle blower him or herself is genuine then the appropriate action would be to report the allegations to the management of Centamin and applicable authorities. Discussion on this board without input of the whistleblower him or herself and / or without facts is just irresponsible sensationalist gossip.
Centamin like many other clients working in an international environment strive hard to maintain corporate ethics, as well as good and fair business practices.
They have established procedures and codes to conduct to prohibit and root out corruption including in the case of Centamin a Code of Ethics, https://www.centamin.com/media/2866/cey_code-of-conduct_20220714-002.pdf an Anti-Corruption and Bribery Policy https://www.centamin.com/media/1630/cey_anti-corruption-and-bribery-policy_2019.pdf and a Whistleblowing Hotline, where anyone can raise a concern in confidence and anonymously, 24 hours a day, 365 days a year.
Having spent many years working in procurement in an international contracting environment in my opinion there can be challenges, and yes rogue Procurement Managers can exist (thankfully few and far between in recent years) but that there are no "poor contractors", only those who participate in bribery and corruption and those that don't. Those that do so participate by choice.
Mrtibbles,
Can you post a source ?
Hi Somnamma,
Yes I thought this may wake up some on here !
I too have held a senior position in local government procurement and what is being alleged here amounts to a purchasing manager offering commercial advantage to contractors for a price.
So I purposely didn't post the sources details because I am trying to obtain some more information, as to the Centamin whistleblowing hotline I see little point in that considering the way that the company cant even be bothered to answer share holders questions fully or even acknowledge them in some instances.
However I have contacted the person making these allegations for the evidence to substantiate thse allegations and if they are forthcoming then I shall contact the company and if need the appropriate UK regulators
Tibbs
Hi Mr Henderson,
I have asked the accuser for the relevant evidence to substantiate these allegations.
Until then I have asked the LSE moderator to remove my initial post .
But in the meantime any information you might come across would be gratefully received
Tibbs
Also fair comment Somnamma,
I agree there are procurement regulations, but that said these are reliant upon the enforcement and compliance by all parties concerned, but unfortunately as we are aware even in the sophisticated western countries corporate bribery in political circles and board rooms exists, although sometimes this regarded as party donations, a seat on the board or even corporate hospitality which is tax deductible and so its hardly surprising that many of these overseas countries due to inequality and oppressive or corrupt regimes there exists a sub culture of brown envelopes and palm greasing that is ingrained and in many ways has become excepted or expected custom and practice.
Tibbs
Hi mrtibbles,
Very serious allegations.
Where There's Smoke, There's Fire.
Mr Henderson,
I have written to those making the accusations and if they supply the proof then I shall forward it on the appropriate authorities for them to deal with .
I see no point in contacting Centamin as I have no faith they will take it seriously.
Shame but despite being a sizeable shareholder for over a decade I think there is some truth in Rebess's opinion Centamin is far too cosy with the Eygptian Mobb
Tibbs