Rio Tinto Terminates Executives Over Simandou Investigation
Mining giant Rio Tinto PLC said it fired one of its most senior operational executives and its head of legal and regulatory affairs based on the findings from a continuing internal probe into $10.5 million in payments to a consultant who helped acquire mining rights in Guinea, reports The Wall Street Journal.
The two executives are energy and minerals chief executive Alan Davies and legal and regulatory affairs group executive Debra Valentine.
The company is reported to be investigating emails related to payments to a consultant who helped to acquire rights to mine the prized Simandou iron-ore deposit. Rio Tinto has notified law enforcement officials and regulators, including the U.S. Justice Department, the U.S. Securities and Exchange Commission and the U.K.’s Serious Fraud Office, writes Rhiannon Hoyle.
