Mineral Resources sets date to release findings of probe into Chris Ellison’s tax dodge affairs

[Pelican Press 0]

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Mineral Resources sets date to release findings of probe into Chris Ellison’s tax dodge affairs

The board of Mineral Resources says it is just a week away from making a call on what action it may take against the mining giant’s founder and managing director Chris Ellison in the wake of shocking revelations about his past tax-dodging affairs.

The company’s share prices has plunged more than 25 per cent in the past week since Mr Ellison issued an apology over tax avoidance.

Mr Ellison avoided paying tax for years by not disclosing revenue from co-owned offshore companies that bought and sold mining equipment for on-***** in Australia.

The board last week brought in law firm Herbert Smith Freehills to investigate allegations over Mr Ellison’s conduct. Its own senior counsel and McGrath Nicol are also assisting.

In a statement to the *********** Securities Exchange on Monday, the board said it “fully recognises the requirement to respond appropriately from a governance and process perspective”.

“The board’s present intention is to issue an announcement to the market regarding the conclusions it has reached and the actions it will take by Monday, 4 November 2024,” it said.

“The MinRes board takes seriously allegations in relation to any of its people. This includes, where appropriate, appointing independent external counsel to investigate allegations.”

MinRes said the investigation had so far raised “inconsistencies” that did not match “with the company’s understanding of the facts”.

It also revealed it had been handed questions by market operator ASX since the revelations. No date was given but it said responses would be released “shortly”.

More to come.

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