Rio Tinto PLC
stated it agreed to pay a $15 million civil penalty to resolve an investigation by the U.S. Securities and Alternate Fee into funds made to a former marketing consultant who helped the corporate purchase rights to large iron-ore deposits in Guinea.
The world’s second-biggest miner by market worth stated it agreed to the penalty for alleged violations of the International Corrupt Practices Act with out admitting to or denying the SEC’s findings.
In 2011, Rio Tinto made $10.5 million in funds to a marketing consultant who helped the corporate purchase rights to mine the prized Simandou iron-ore deposit. In 2016, Rio Tinto fired one in every of its most senior operational executives and its head of authorized and regulatory affairs because it notified authorities, together with the SEC, and performed an inside probe of the funds.
“We’re glad to have resolved this matter associated to occasions that occurred over a decade in the past on applicable and cheap phrases,” stated Dominic Barton, Rio Tinto’s chairman. Rio Tinto has taken “important actions” since to enhance its compliance program, he stated.