SEC charges Rio Tinto, two former top executives with fraud
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Sydney
THE US Securities and Exchange Commission (SEC) on Tuesday charged mining company Rio Tinto and two of its former top executives with fraud, saying they inflated the value of coal assets in Mozambique and concealed critical information while tapping the market for billions of dollars.
The UK's Financial Conduct Authority (FCA) also said on Tuesday that it had reached a settlement with Rio Tinto under which the company would pay a fine of £27 million (S$48.2 million) to settle claims that it breached accounting rules in connection with the Mozambique assets.
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