Rio Tinto: SEC drops pursuit of Guy Elliott over Riversdale Mining acquisition
The SEC has ended its decade-long case against former Rio Tinto CFO Guy Elliott regarding the $3.7 billion Riversdale Mining acquisition.Summary
The U.S. Securities and Exchange Commission (SEC) has dropped its case against former Rio Tinto chief financial officer Guy Elliott, concluding a nearly decade-long pursuit. The SEC initially filed charges in 2017 against Rio Tinto, Elliott, and former CEO Tom Albanese, alleging they misled investors regarding the 2011 acquisition of Riversdale Mining for $3.7 billion (approximately $3.6 billion AUD). The lawsuit centered on allegations related to the valuation and disclosure of impairments associated with the Riversdale Mining purchase, which proved to be a costly misstep for Rio Tinto. The SEC's decision to drop the pursuit of Elliott marks the end of a significant legal battle and removes a long-standing shadow over the former CFO.
(Source：Afr)