UPDATE TO THE STATEMENT DATED 18.11.2022
Solway Investment Group (“SIG”) launches an independent investigation of alleged corruption reportedly committed by its two subsidiaries CGN and Pronico in Guatemala.
Solway Investment Group, a Swiss company with mining interests around the world, has retained United States law firms Seiden Law Group LLP, Quinn Emanuel Urquhart & Sullivan and Berliner, Corcoran & Rowe to conduct a thorough and independent investigation of the allegations that SIG understands led to the sanctions of its Guatemalan subsidiaries as set forth in the US Treasury Office of Foreign Asset Control (“OFAC”) press release date November 18, 2022.
The investigation, led by experienced and respected retired US government investigators has already commenced and will gather information to determine facts that may be relevant to the allegations.
The results of the investigation will be presented to the SIG board of directors by them and shared with US and other authorities. All significant findings will be dealt with swiftly and decisively, supported by effective remediation initiatives in consultation with outside counsel.
In addition, SIG is already communicating through its US counsel with the US Department of the Treasury (OFAC) in an effort to minimize the potentially severe consequences to the workers, business operations and people of Guatemala. Two SIG board members already have arrived in Guatemala to ensure that the subsidiaries’ commitments and obligations to employees, local communities, customers, buyers, and other stakeholders will be fulfilled in the best ways possible under the current circumstances and to ensure that the core values of integrity and compliance with the law are being maintained.
SIG takes any allegation of impropriety extremely seriously and welcomes any new facts brought to light as a result. Based on the investigation outcomes SIG will move quickly and deliberately to make the necessary changes to correct behavior and practices and strengthen governance, business processes and controls.