{"id":51107,"date":"2023-11-26T20:41:21","date_gmt":"2023-11-26T20:41:21","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/rio-agrees-to-28m-settlement-with-us-sec-over-mozambique-coal-deal"},"modified":"2023-11-26T20:57:19","modified_gmt":"2023-11-26T20:57:19","slug":"rio-agrees-to-28m-settlement-with-us-sec-over-mozambique-coal-deal","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/rio-agrees-to-28m-settlement-with-us-sec-over-mozambique-coal-deal","title":{"rendered":"Rio agrees to $28M settlement with US SEC over Mozambique coal deal"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Rio Tinto (RIO.L), (RIO.AX), one of the world\u2019s largest mining companies, agreed to pay a $28 million fine to settle a U.S. Securities and Exchange Commission lawsuit that accused it of fraud in handling a failed investment in a Mozambique coal project.<\/p>\n

The settlement disclosed on Friday in Manhattan federal court would end a civil lawsuit filed in October 2017, and requires approval by U.S. District Judge Analisa Torres.<\/p>\n

Rio Tinto also agreed not to violate recordkeeping and reporting provisions of federal securities laws, and to retain an independent consultant for two years to ensure it properly accounts for asset writedowns.<\/p>\n

Former chief executive Tom Albanese agreed to pay a $50,000 civil fine to settle related SEC claims. Neither he nor Rio Tinto admitted wrongdoing.<\/p>\n

Rio Tinto confirmed the settlement but declined additional comment. Albanese\u2019s lawyer James Loonam declined to comment.<\/p>\n

Former Rio Tinto chief financial officer Guy Elliott remains a defendant, and his lawyer on Friday asked Torres to dismiss the remaining SEC claims because they could not be proven.<\/p>\n

The defendants had been accused of deceiving investors about the value of Rio Tinto Coal Mozambique (RTCM), which the Anglo-Australian company purchased in 2011 for $3.7 billion through a takeover of the former Riversdale Mining.<\/p>\n

According to the SEC, Rio Tinto was later able to raise more than $5.5 billion from unsuspecting U.S. fixed-income investors by overvaluing the coal assets, despite an internal assessment that the assets were worth negative $680 million.<\/p>\n

The regulator said Albanese intended to mislead investors in 2012 by describing the Moatize Basin, where RTCM was located, as a world-class basin coal deposit and long-term growth opportunity.<\/p>\n

Rio Tinto took a more than $3 billion writedown for Mozambique in January 2013. It sold the assets in late 2014 for $50 million.<\/p>\n

In a letter to Torres, Elliott\u2019s lawyer Theodore Wells noted that neither of the remaining claims against his client alleges fraud.<\/p>\n

\u201cIt is virtually unprecedented for the SEC to file with great fanfare fraud claims against an issuer such as Rio Tinto, only to settle for technical, non-fraud reporting and recordkeeping violations,\u201d Wells wrote.<\/p>\n

The case is SEC v Rio Tinto Plc et al, U.S. District Court, Southern District of New York, No. 17-07994.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Rio Tinto (RIO.L), (RIO.AX), one of the world\u2019s largest mining companies, agreed to pay a $28 million fine to settle a U.S. Securities and Exchange Commission lawsuit that accused it of fraud in handling a failed investment in a Mozambique coal project. The settlement disclosed on Friday in Manhattan federal court would […]<\/p>\n","protected":false},"author":84,"featured_media":51106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-51107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nRio agrees to $28M settlement with US SEC over Mozambique coal deal - Mozambique<\/title>\n<meta name=\"description\" content=\"Rio Tinto (RIO.L), (RIO.AX), one of the world\u2019s largest mining companies, agreed to pay a $28 million fine to settle a U ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/rio-agrees-to-28m-settlement-with-us-sec-over-mozambique-coal-deal\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rio agrees to $28M settlement with US SEC over Mozambique coal deal\" \/>\n<meta property=\"og:description\" content=\"Rio Tinto (RIO.L), (RIO.AX), one of the world\u2019s largest mining companies, agreed to pay a $28 million fine to settle a U ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/rio-agrees-to-28m-settlement-with-us-sec-over-mozambique-coal-deal\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-26T20:41:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-26T20:57:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/11\/sm_1701019553.355834.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"960\" \/>\n\t<meta property=\"og:image:height\" content=\"643\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/rio-agrees-to-28m-settlement-with-us-sec-over-mozambique-coal-deal#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/rio-agrees-to-28m-settlement-with-us-sec-over-mozambique-coal-deal\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Rio agrees to $28M settlement with US SEC over Mozambique coal deal\",\"datePublished\":\"2023-11-26T20:41:21+00:00\",\"dateModified\":\"2023-11-26T20:57:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/rio-agrees-to-28m-settlement-with-us-sec-over-mozambique-coal-deal\"},\"wordCount\":391,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/rio-agrees-to-28m-settlement-with-us-sec-over-mozambique-coal-deal#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/11\/sm_1701019553.355834.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/rio-agrees-to-28m-settlement-with-us-sec-over-mozambique-coal-deal#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/rio-agrees-to-28m-settlement-with-us-sec-over-mozambique-coal-deal\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/rio-agrees-to-28m-settlement-with-us-sec-over-mozambique-coal-deal\",\"name\":\"Rio agrees to $28M settlement with US SEC over Mozambique coal deal - 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