Western miners push for higher metals prices to ward off Chinese rivals
Industry leaders have pushed for two pricing structures for several years.
Anglo claims money purportedly destined to equipment and services for its Grosvenor underground project was instead siphoned off into private bank accounts in Barbados and London.
A fraud claim against former Anglo American (LON:AAL) executive Glenn James Tonkin has ballooned with his ex-employer accusing him of misappropriating $9.8 million, more than twice as much as previously thought.
Tonkin, 50, was accused in October last year of taking more than $4 million from Anglo’s Queensland coal business, allegedly for mine equipment and services, between 2013 and 2014.
However, the Brisbane-based project director didn’t acquired what he claimed. Instead, court documents show the funds were siphoned off into private bank accounts in Barbados and London.
Glenn James Tonkin.
Tonkin, who left Anglo in September – allegedly after he was confronted by Anglo’s head of human resources over suspicious emails –ran an elaborate scheme involving fake invoices, a New York consulting company that did not do any work, and email correspondence with a supposed supplier in Florida who did not exist.
Part of his work at the miner’s Grosvenor underground project at Moranbah, Central Queensland, involved signing off on payments to contractors, suppliers, and other companies taking part in the operation.
After freezing his assets and hiring investigators to probe his past, Anglo slapped Tonkin with another $5.3 million damages claim just before Christmas, Mining Australia reports. This time, the firm said he also misused company funds when he worked to expand a copper mine in South America between 2009 and 2011.
The case is set to return to court in Brisbane on January 29.
