Mineral Resources Confirms Founder's Departure Amid Tax Evasion Allegations, Moody's Cuts Outlook

Mineral Resources (OTC:MALRF) faces uncertain times as founder and managing director Chris Ellison steps down amid serious governance issues.

The issue has triggered a formal investigation by the Australian Securities and Investments Commission (ASIC) and scrutiny from the Australian Taxation Office (ATO).

The probe follows allegations that Ellison evaded taxes using offshore entities and misused company resources for personal benefit. Law firm Herbert Smith Freehills engaged to review the allegations, finding multiple governance lapses within the company's leadership.

Billionaire Ellison, a prominent figure in the mining sector, will remain as a managing director until the board finds a suitable successor within the next 18 months. The board has imposed a financial penalty of $5.85 million on Ellison, alongside $6.37 million in ...