Rio Tinto
(ASX:RIO) has suspended Alan Davies, one of its most senior executives, with “immediate effect”. Mr Davies is the head of the mining giant’s energy and minerals business.
The company has discovered emails dating back to 2011. And they relate to payments totalling US$10.5 million which were made to a “consultant” who provided “advisory services” on the Simandou iron ore project in West Africa.
Debra Valentine, who was the legal and regulatory affairs executive at the time, has also stepped down from her role, effective immediately.
Authorities in Australia, UK and the US have been alerted about this payment - and investigations are underway.
Rio Tinto posted a net profit of $2.34 billion at 30 June 2016.
