Rio Tinto on Wednesday said it has agreed to pay $28 million to settle a fraud case brought against it by the U.S. Securities and Exchange Commission (SEC) over claims the mining giant inflated the value of Mozambican coal assets that it acquired for $3.7 billion in 2011.
The court-agreed settlement marks the end of a six-year legal battle after the SEC first charged Rio Tinto and its former CFO Guy Elliott and CEO Thomas Albanese with fraud in 2017, alleging the company failed to disclose the coal assets’ rapidly declining…
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