Mineral Resources says Chris Ellison probe did not need to be disclosed because it was ‘not price sensitive’

[Pelican Press 0]

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Mineral Resources says Chris Ellison probe did not need to be disclosed because it was ‘not price sensitive’

Hard-hit Mineral Resources has been looking into chief executive Chris Ellison for more than two years but reckons it was not obliged to publicly disclose the probe because it was not price sensitive information capable of hurting its shares.

Though MinRes shares have regained ground in the past two days, the stock is still down more than 20 per cent down since revelations 10 days ago that Mr Ellison dodged tax on co-owned offshore companies and allegedly profited on equipment sold to the listed mining and services group.

Responding to questions from the *********** Securities Exchange, MinRes said on Tuesday the information did not need to be disclosed because the tax matters were the personal affair of Mr Ellison and had been resolved with the *********** Tax Office, and the related payments to MinRes were made more than 15 years ago.

As for the probe into the payments, MinRes revealed it had known of the ATO settlement since June 2022 and the allegations around the payments to Mr Ellison since October 2023.

However, “it does not consider that the information that it engaged external legal counsel to conduct an investigation and advise the board to be materially sensitive” under the ASX’s continuous disclosure rules, it said.

“Although the scope of a corporate investigation can include allegations that have the potential to be materially price sensitive if substantiated, the fact that external legal counsel has been appointed to conduct an investigation is, not of itself, materially price sensitive information,” MinRes said.

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