MELBOURNE, Australia--(BUSINESS WIRE)--Rio Tinto has reached a settlement with the Australian Securities and Investment Commission (ASIC) regarding the disclosure of the impairment of Rio Tinto Coal Mozambique (RTCM), which was reflected in Rio Tinto’s 2012 year-end accounts.
As part of this court approved settlement, Rio Tinto will pay a A$750,000 penalty for a single contravention of its continuous disclosure obligations in the period 21 December 2012 to 17 January 2013, immediately preceding the impairment announcement. As part of this court approved settlement between ASIC and Rio Tinto, there were no findings of fraud or any systemic or widespread failure by Rio Tinto.
The case against Tom Albanese and Guy Elliott has been wholly dismissed.
Rio Tinto settled with the United Kingdom's Financial Conduct Authority (FCA) in 2017 relating to the same RTCM impairment. A US court also dismissed a related US securities class action.
Rio Tinto welcomes closure of the ASIC case on appropriate and reasonable terms. The resolution of this matter, however, does not impact the Securities and Exchange Commission’s proceedings. Rio Tinto will continue to defend itself vigorously against the SEC’s allegations.
RTCM was acquired in 2011 and divested in 2014.
This announcement is authorised for release to the market by Steve Allen, Rio Tinto’s Group Company Secretary.
