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Australia watchdog closes probe into former Rio Tinto exec Davies-letter -Breaking

by Mike Robinson

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© Reuters.

MELBOURNE (Reuters) – Australia’s securities regulator shut down its investigation of former Rio Tinto Ltd executive Alan Davies. The inquiry was over an alleged payment of $10.5 million to a consultant to Guinea. Insufficient evidence was cited, according to a letter reviewed and approved by Reuters.

Davies, formerly Rio’s Energy and Minerals chief executive, was fired in late 2016 after Rio Tinto became aware of emails https://www.reuters.com/article/us-rio-tinto-guinea-terminates-idUSKBN13B2Y4 from 2011 that referred to payments to the consultant in connection with its vast Simandou iron ore project in the West African nation.

ASIC concluded its investigation on October 19. Davies was informed by the Australian Securities and Investments Commission that “there is not sufficient evidence to support a court that there have been a breach”

Davies claimed at the time that there weren’t grounds to terminate his employment but did not respond promptly to a request.

Rio Tinto, ASIC did not immediately respond to our request for comment.

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