REG - Rio Tinto - Settlement with Securities and Exchange Commission

Rio TintoAnnouncement

22/11/2023 07:15

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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,        Media Relations,               Media Relations,
 United Kingdom          Australia                      Americas

 
 
 

 Matthew Klar            Matt Chambers                  Simon Letendre

 M +44 7796 630 637      M +61 433 525 739              M +1 514 796 4973

 David Outhwaite         Jesse Riseborough              Malika Cherry

 M +44 7787 597 493      M +61 436 653 412              M +1 418 592 7293

                         Alyesha Anderson

                         M +61 434 868 118

                         Michelle Lee

                         M +61 458 609 322

 Investor Relations,     Investor Relations,
 United Kingdom          Australia

 
 

 Menno Sanderse          Tom Gallop

 M +44 7825 195 178      M +61 439 353 948

 David Ovington          Amar Jambaa

 M +44 7920 010 978      M +61 472 865 948

 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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