{"id":7969,"date":"2012-02-15T02:04:46","date_gmt":"2012-02-15T00:04:46","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/update-2-areva-probe-critical-of-uramin-buy-no-proof-of-scam\/"},"modified":"2012-02-15T02:04:46","modified_gmt":"2012-02-15T00:04:46","slug":"update-2-areva-probe-critical-of-uramin-buy-no-proof-of-scam","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-2-areva-probe-critical-of-uramin-buy-no-proof-of-scam\/","title":{"rendered":"UPDATE 2-Areva probe critical of UraMin buy, no proof of scam"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Supervisory board has found no evidence of UraMin fraud<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Recommends corporate governance changes<\/p>\n<p><span><\/span><\/p>\n<p>* Seeks involvement in deals worth over 20 mln euros<\/p>\n<p><span><\/span><\/p>\n<p>* Areva says to apply board recommendations<\/p>\n<p> (Adds detail from report, former CEO&#8217;s statement, additional<br \/>\nbyline)<\/p>\n<p><span><\/span><\/p>\n<p>By Caroline Jacobs and Benjamin Mallet<\/p>\n<p><span><\/span><\/p>\n<p>PARIS, Feb 14 (Reuters) &#8211; An internal inquiry at Areva<br \/>\n has not found any evidence of fraud linked to the<br \/>\nFrench nuclear group&#8217;s takeover of Canadian mining company<br \/>\nUraMin but critised the way it was bought and urged changes to<br \/>\nAreva&#8217;s corporate governance.<\/p>\n<p><span><\/span><\/p>\n<p>State-controlled Areva bought UraMin&#8217;s three Southern<br \/>\nAfrican mines for $2.5 billion in 2007, when buoyant demand for<br \/>\nnuclear energy combined with production delays at other mines, a<br \/>\nfrenzy to secure supplies and acquisitions in the sector pushed<br \/>\nuranium prices to $135 a pound.<\/p>\n<p><span><\/span><\/p>\n<p>But the UraMin mines have yet to prove their money&#8217;s worth<br \/>\nat today&#8217;s price of $52 a pound, prompting Areva in December to<br \/>\nwrite down nearly their entire value and to appoint three of its<br \/>\nsupervisory board members to conduct a review.<\/p>\n<p><span><\/span><\/p>\n<p>The supervisory board pointed to a &#8220;certain malfunctioning<br \/>\nin Areva&#8217;s governance&#8221; and concluded that the context of 2007<br \/>\nled the company, at the time led by Chief Executive Anne<br \/>\nLauvergeon, &#8220;to underestimate the risk&#8221; of the acquisition.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Supervisory board has found no evidence of UraMin fraud * Recommends corporate governance changes * Seeks involvement in deals worth over 20 mln euros * Areva says to apply board recommendations (Adds detail from report, former CEO&#8217;s statement, additional byline) By Caroline Jacobs and Benjamin Mallet PARIS, Feb 14 (Reuters) &#8211; An internal inquiry [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-7969","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=7969"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7969\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}