Rio Tinto PLC (RIO) has announced a court-approved settlement with the US Securities & Exchange Commission, resolving a lawsuit from 2017. The case pertained to disclosures in the company’s 2012 annual accounts. Rio Tinto will pay a $28 million penalty, and its former CEO, Tom Albanese, has agreed to a $50,000 payment. The SEC’s charges were in connection with the impairment of Rio Tinto Coal Mozambique, which Rio Tinto acquired in 2011 and divested in 2014. Both Rio Tinto and Albanese have not admitted to the SEC’s allegations, but the company has expressed satisfaction with reaching a resolution on fair and reasonable terms.
The current stock price stands at 5,546.00 pence, marking a slight increase of 0.3% in London as of Wednesday.
Company Website: https://www.riotinto.com
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