Shake-up at Mineral Resources: Founder Admits Misconduct and Resigns

The Managing Director of Mineral Resources, Chris Ellison, announces his withdrawal within the next 18 months. This follows internal investigations that revealed undeclared payments to companies controlled by him, which were deemed 'deeply disappointing.' According to a company statement, Ellison did not act in accordance with the firm's core values. He was fined AUD 8.8 million and is waiving his salary and other compensations of up to AUD 9.6 million. Nevertheless, he will remain in office until a successor is found. The investigations revealed that Mineral Resources paid AUD 3.8 million to an offshore company owned by Ellison for mining equipment. These incomes were not declared by Ellison, raising questions about the transparency of business dealings following the public listing in Sydney. He has agreed to repay the amount. After this information became public, Mineral Resources' stock price in Sydney fell by up to 7%. Furthermore, the investigation showed that Mineral Resources paid rent for properties owned by Ellison and granted rent concessions to his daughter. Ellison also used company resources for personal purposes, including work on his boat. The company stated unequivocally: 'There is no doubt that Mr. Ellison's actions are deeply disappointing and require sanctions.' Australia's financial watchdog has already initiated preliminary investigations. Ellison, who fully accepts the board's decisions, publicly apologized and admitted personal mistakes. He described it as a 'poor decision' not to report income to the Australian Taxation Office, calling it a 'serious misjudgment.'