Mineral Resources Ltd. announced that its investigation into undisclosed payments to companies associated with its founder, Chris Ellison, is expected to conclude by next week.
Ellison, who serves as managing director and is a significant shareholder, clarified that the payments were related to contracts from overseas companies he and his partners managed before Mineral Resources went public in 2006. These entities sold mining equipment and parts, but Ellison did not disclose income from these supply agreements.
“Following considerable media coverage since October 19, the board has expanded the investigation to address claims that differ from the company’s understanding of the facts,” Mineral Resources stated on Monday.
Shares of Mineral Resources dropped by 26% last week after reports surfaced that Ellison had reached an agreement with the Australian Taxation Office to settle outstanding payments.
