Rio Tinto hit with further legal action by ASIC

Company News

by Anna Napoli

Rio Tinto (ASX:RIO) has been hit with further legal action by the Australian Securities and Investments Commission (ASIC) .

ASIC today expanded its Federal Court proceedings against the company and its former CEO Thomas Albanese and CFO, Guy Elliott.

The new allegations relate to Rio’s failure to recognise an impairment of a wholly owned subsidiary, Rio Tinto Coal Mozambique (RTCM) in its 2012 Interim Financial Statements.

In March the corporate watchdog filed proceedings against Rio alleging statements in the company’s 2011 annual report were misleading and deceptive.

The matter will return to court on the 24th of July 2018.

Shares in Rio Tinto (ASX:RIO) are trading down 0.58 per cent to $79.40

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.