Rio Tinto (RTPPF.PK, RIO.L, RIO, RTNTF.PK) said it has reached a settlement with the Australian Securities and Investment Commission or ASIC regarding the disclosure of the impairment of Rio Tinto Coal Mozambique (RTCM), which was reflected in Rio Tinto’s 2012 year-end accounts.
Rio Tinto Coal Mozambique was acquired in 2011 and divested in 2014.
As part of the 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.
As part of the 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 in 2017 relating to the same Rio Tinto Coal Mozambique impairment. A US court also dismissed a related US securities class action.
Rio Tinto said it will continue to defend itself vigorously against the U.S. Securities and Exchange Commission’s allegations.