1. Rio Tinto and its Former CEO Tom Albanese Have Been Charged with Fraud

    Rio Tinto and its Former CEO Tom Albanese Have Been Charged with Fraud

    US authorities have charged Rio Tinto and two former senior executives, including former CEO Tom Albanese, with fraud.

    The Securities and Exchange Commission (SEC) alleges the executives inflated the value of coal assets that were acquired for $3.7 billion and sold a few years later for $50 million.

    Rio Tinto, the world’s second largest mining company behind BHP, faces permanent injunctions, return of allegedly “ill-gotten gains” plus interest, and civil penalties...

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    1. Rio Tinto and its top executives allegedly failed to come clean about an unsuccessful deal that was made under their watch. They tried to save their own careers at the expense of investors by hiding the truth.
    2. Rio Tinto believes that the SEC case is unwarranted and that, when all the facts are considered by the court, or if necessary by a jury, the SEC's claims will be rejected.
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