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Business

John Paulson pushes to overhaul gold mining firm’s board

By
Carleton English
Published July 19, 2018, 9:43 p.m. ET

Hedge fund billionaire John Paulson is stepping up his campaign against Canadian gold-miner Detour Gold.

Paulson & Co. is pushing for an overhaul of Detour’s board and plans to call for a special shareholder meeting to be held in the next two months, according to a Thursday statement.

“The board seems more interested in lining their own pockets than in serving shareholder interests,” Marcelo Kim, partner at Paulson & Co, told The Post Thursday. Paulson & Co. holds a 5.4 percent stake.

The tensions erupted when — after years of poor performance — Detour allegedly told Paulson & Co. July 13 that it had received a bid from another gold mining company, the hedge fund said.

The $9 billion fund said it urged Detour to notify all shareholders of the bid and start a formal sales process.

Detour quickly countered the hedge fund’s version of the events.

Detour “does not have a sale process in place nor has it received any offers to purchase its shares,” the company said.

It added that it notified Canadian regulators of Paulson & Co’s alleged “concerning and unlawful behavior.”