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Rio Tinto PLC - London-based miner - Reaches court-approved settlement with US Securities & Exchange Commission of a law suit brought by the regulator in 2017 concerning disclosure in Rio’s 2012 annual accounts. Rio will pay a $28 million penalty, while its former chief executive Tom Albanese, will pay $50,000. The SEC charges related to the impairment of Rio Tinto Coal Mozambique in the 2012 accounts. Rio had bought RTCM in 2011 and sold it in 2014. Neither Rio nor Albanese admit to the SEC’s charges, and the company says it welcomes closure of the case ‘on appropriate and reasonable terms’. Current stock price: 5,546.00 pence, up 0.3% in London on Wednesday 12-month change: up 3.0% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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