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Australia Regulator Starts Legal Action Against Rio Tinto Over Mozambique Assets

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03/02/2018 | 07:12am CEST

By Rhiannon Hoyle

SYDNEY--Australia's securities regulator said it has begun legal proceedings against Rio Tinto Ltd. (RIO.AU) and two former executives, alleging investors were misled about coal assets in Mozambique.

The Australian Securities and Investments Commission said proceedings began in the Federal Court in Sydney against the company, former Chief Executive Tom Albanese and former Chief Financial Officer Guy Elliott over statements in mining company's 2011 annual report. The regulator alleges Rio Tinto misrepresented the reserves and resources of an acquired coal business.

ASIC said it is requesting Mr. Albanese and Mr. Elliott be disqualified from managing corporations for an unspecified period.

Write to Rhiannon Hoyle at [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
LME ALUMINIUM CASH -1.87% 2179 End-of-day quote.-3.41%
LME COPPER CASH -2.39% 6820 End-of-day quote.-5.03%
PLUMB CASH (EUR/100 KG) LONDON -0.79% 240.225 Real-time Quote.-2.58%
RIO TINTO 0.04% 4121.5 Delayed Quote.4.52%
RIO TINTO LIMITED 0.74% 82.75 End-of-day quote.13.05%
SILVER -0.44% 16.24 Delayed Quote.-2.36%
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