November 21, 2023

Rio Tinto plc, Rio Tinto Limited, and Rio Tinto’s former CEO Thomas Albanese have agreed to entry of a final judgment, ordering it to pay $28 million and permanently restraining Rio Tinto from violating Sections 13(a) and 13(b)(2)(A) of the Exchange Act and Rules 12b-20 and 13a-16 thereunder. The judgment stems from the SEC’s 2017 complaint which alleged that Rio Tinto’s public filings contained misleading statements about the value of its Mozambican coal assets. Rio Tinto has agreed to retain an independent consultant to review its compliance with accounting standards. Albanese will pay a $50,000 civil penalty and is required to cooperate in the SEC’s continuing investigation into Rio Tinto’s former CFO Guy Elliott. SEC

Tagged in: Accounting Fraud, Misrepresentations, Regulatory Violations, Securities Fraud,