Rio Tinto: Settlement with Securities and Exchange Commission
November 21 2023 - 4:31PM
Business Wire
Rio Tinto has reached a court approved settlement with the
Securities and Exchange Commission (SEC) of a suit brought in 2017
concerning disclosure of the impairment of Rio Tinto Coal
Mozambique (RTCM) reflected in Rio Tinto’s 2012 year-end
accounts.
Without admitting to or denying the SEC’s allegations related to
its books, records and reporting requirements, Rio Tinto will pay a
US$28 million penalty and retain an independent consultant to
advise on its current policies, procedures, and controls related to
impairment, disclosures and project risk.
Former chief executive Tom Albanese has also reached a
settlement with the SEC and will pay a US$50,000 penalty, without
admitting to or denying the allegations related to books and
records and internal controls.
Rio Tinto welcomes closure of the SEC case on appropriate and
reasonable terms.
With this settlement, all investigations of Rio Tinto regarding
this matter have been finalised. Rio Tinto settled claims brought
by the Australian Securities and Investment Commission in 2022 and
the United Kingdom's Financial Conduct Authority in 2017 relating
to the same RTCM impairment. The U.S. Court who approved the SEC
settlement previously dismissed a related private putative
securities class action in 2019. An appeals court affirmed the
dismissal.
RTCM was acquired in 2011 and divested in 2014.
This announcement is authorised for release to the market by
Andy Hodges, Rio Tinto’s Group Company Secretary.
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010 978 Laura Brooks M +44 7826 942 797
Media Relations, Americas Simon Letendre M
+1 514 796 4973 Malika Cherry M +1 418 592 7293
Investor Relations, Australia Tom Gallop M
+61 439 353 948 Amar Jambaa M +61 472 865 948
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Kingdom T +44 20 7781 2000 Registered in England No.
719885
Rio Tinto Limited Level 43, 120 Collins Street Melbourne
3000 Australia T +61 3 9283 3333 Registered in Australia ABN
96 004 458 404
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