Rio Tinto must face SEC suit over coal assets [Business News Network (BNN) Energy & Resources (Canada)]
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
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Source: Business News Network
Rio Tinto must face SEC suit over coal assets Rio Tinto Plc must face a U.S. Securities and Exchange Commission lawsuit over the company’s valuation of coal assets in Mozambique, a federal judge ruled. U.S. authorities in October 2017 filed fraud charges against London-based Rio Tinto, former chief executive officer Tom Albanese and former chief financial officer Guy Elliott, claiming they inflated the value of assets acquired in 2011 for US$3.7 billion. The assets were sold for US$50 million in 2014, a year after more than US$3 billion in writedowns on the properties led to Albanase’s departure. U.S. District Judge Analisa Torres on Monday narrowed some of the suit’s claims but denied Rio Tinto’s request to dismiss the case, saying the SEC had adequately claimed that statements about asset valuation -- made after Albanese and Elliott learned of “severe adverse developments” -- didn’t square with the information the company had at the time. “The SEC has plausibly alleged that Rio Tint
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News
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- Rio Tinto donates $1.5 million to support the people and community of Grindavík in Iceland [Yahoo! Finance]Yahoo! Finance
- Rio Tinto donates $1.5 million to support the people and community of Grindavík in IcelandBusiness Wire
RIO
Analyst Actions
- 3/5/24 - Liberum Capital
RIO
Sec Filings
- 4/16/24 - Form SD
- 2/27/24 - Form IRANNOTICE
- RIO's page on the SEC website