Chris Ellison is being shown the door at Mineral Resources and will be gone within 18 months, the company told investors Monday morning. The boss of the iron ore and lithium miner will be penalised more than A$18 million in the wake of his financial misconduct scandal, including $3.
79 million to be paid back to the company out of his personal funds. It follows an investigation into Ellison's tax affairs and undeclared payments made by Mineral Resources to offshore entities linked to Ellison. MinRes chair James McClement will also step down by next year's AGM, though he maintained that this was separate to the Ellison investigation and always part of the board succession plan.
A lack of integrity In its report from the investigation into Ellison's financial affairs, the MinRes board said Ellison had at times "not acted with integrity" and "not fully appreciated" the importance of transparency for matters that could cause a conflict of interest. The board confirmed that in 2003 and 2004, Far East sold mining equipment to MinRes' CSI division but was not paid fully for the products at the time of purchase.
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