Rio Tinto PLC Settlement with Securities and Exchange Commission (2059U)
22 November 2023 - 6:00PM
UK Regulatory
TIDMRIO
RNS Number : 2059U
Rio Tinto PLC
22 November 2023
Notice to ASX/LSE
Settlement with Securities and Exchange Commission
21 November 2023
Rio Tinto has reached a court approved settlement with the
Securities and Exchange Commission (SEC) of a suit brought in 2017
concerning disclosure of the impairment of Rio Tinto Coal
Mozambique (RTCM) reflected in Rio Tinto's 2012 year-end
accounts.
Without admitting to or denying the SEC's allegations related to
its books, records and reporting requirements, Rio Tinto will pay a
US$28 million penalty and retain an independent consultant to
advise on its current policies, procedures, and controls related to
impairment, disclosures and project risk.
Former chief executive Tom Albanese has also reached a
settlement with the SEC and will pay a US$50,000 penalty, without
admitting to or denying the allegations related to books and
records and internal controls.
Rio Tinto welcomes closure of the SEC case on appropriate and
reasonable terms.
With this settlement, all investigations of Rio Tinto regarding
this matter have been finalised. Rio Tinto settled claims brought
by the Australian Securities and Investment Commission in 2022 and
the United Kingdom's Financial Conduct Authority in 2017 relating
to the same RTCM impairment. The U.S. Court who approved the SEC
settlement previously dismissed a related private putative
securities class action in 2019. An appeals court affirmed the
dismissal.
RTCM was acquired in 2011 and divested in 2014.
This announcement is authorised for release to the market by
Andy Hodges, Rio Tinto's Group Company Secretary.
LEI: 213800YOEO5OQ72G2R82
Contacts
Please direct all enquiries to media.enquiries@riotinto.com
Media Relations, United Media Relations, Australia Media Relations,
Kingdom Americas
Matt Chambers
Matthew Klar M +61 433 525 739 Simon Letendre
M +44 7796 630 637 M +1 514 796 4973
Jesse Riseborough
David Outhwaite M +61 436 653 412 Malika Cherry
M +44 7787 597 493 M +1 418 592 7293
Alyesha Anderson
M +61 434 868 118
Michelle Lee
M +61 458 609 322
Investor Relations, United Investor Relations, Australia
Kingdom
Tom Gallop
Menno Sanderse M +61 439 353 948
M +44 7825 195 178
Amar Jambaa
David Ovington M +61 472 865 948
M +44 7920 010 978
Laura Brooks
M +44 7826 942 797
Rio Tinto plc Rio Tinto Limited
6 St James's Square Level 43, 120 Collins Street
London SW1Y 4AD Melbourne 3000
United Kingdom Australia
T +44 20 7781 2000 T +61 3 9283 3333
Registered in England Registered in Australia
No. 719885 ABN 96 004 458 404
riotinto.com
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END
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