Rio Tinto’s legal woes over Mozambican misadventure spread to Australia
Melbourne — Australia’s corporate watchdog has launched court action against global miner Rio Tinto and two former executives for misleading investors about the coal reserves it reported in a $4bn acquisition in Mozambique. The Australian Securities and Investments Commission said on Friday that the company, former CEO Tom Albanese and former chief financial officer Guy Elliott had made deceptive statements in their 2011 annual report, published in 2012. The commission "alleges that RTL (Rio Tinto Ltd) engaged in misleading or deceptive conduct by publishing statements in the 2011 annual report, signed by Mr Albanese and Mr Elliott, misrepresenting the reserves and resources of RTCM (Rio Tinto Coal Mozambique)", the commission said. Rio Tinto had no immediate comment on the commission’s action, but has previously denied any wrongdoing in a similar case brought by the US Securities and Exchange Commission (SEC). Rio Tinto now faces court cases in the US and Australia over the disastr...
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