Former Rio Tinto CEO Thomas Albanese and former CFO Guy Elliott, alongside the company itself, were indicted by the US Securities and Exchange Commission in a case linked to coal assets in Mozambique that were bought for USD 3.7 billion in 2011 and later sold for USD 50 million.
“Rio Tinto raised USD 5.5 billion from US investors, approximately USD 3 billion of which was raised after May 2012, when executives at Rio Tinto Coal Mozambique had already told Albanese and Elliott that the subsidiary was likely worth negative USD 680 million,” the commission said in a statement.
Also on Tuesday, the UK’s Financial Conduct Authority agreed on a GBP 27-million settlement with Rio Tinto over the case, Reuters reported.
“There is no truth in any of these charges,” Albanese said in a statement cited by the agency.
Spain's Iberdrola plans to triple its offshore wind assets in the coming years, bringing their value to USD 18 billion,… Read More
Saipem has been awarded a USD 850-million contract for subsea works in Angola by local BP-Eni joint venture Azule Energy,… Read More
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
This website uses cookies.