MinRes' Ellison to step down after probe on billionaire founder's tax evasion
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 04 2024
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Source: Reuters
Management Changes: Mineral Resources' Managing Director Chris Ellison will step down within 18 months following an internal investigation revealing misuse of company resources for personal benefit, resulting in a significant drop in the company's shares.
Financial Penalties and Concerns: Ellison has been fined A$8.8 million and will forfeit up to A$9.6 million in salary and incentives; the investigation uncovered undisclosed payments to offshore entities and other financial irregularities linked to him.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
