Mali frees Resolute executives after $160 million deal, AFP reports
The three executives, including CEO Terry Holohan, were freed from detention on Wednesday.
Mineral Resources Ltd. said its investigation into undeclared payments made to companies linked to its tycoon founder, Chris Ellison, would be completed by next week.
Ellison, who is managing director and a major shareholder, said the payments pre-dated the company’s 2006 listing, and came from overseas entities he and his business partners operated, and which sold mining equipment and parts. He did not declare the income from the supply contracts.
“There has been considerable media coverage since Oct. 19 and the board’s investigation has evolved to respond to statements that do not accord with the company’s understanding of the facts,” Mineral Resources said in a corporate statement Monday.
The company’s shares slumped 26% last week after a report that Ellison had struck a deal with the Australian Taxation Office to repay owed money.
(By Paul-Alain Hunt)
Comments