MinRes says it paid rent of A$32m to entities linked to Ellison
Mineral Resources (MinRes) said it paid rent to entities associated with its MD Chris Ellison amounting to well over A$34-million between 2007 to 2024, according to a filing with the Australian Securities Exchange.
Ellison has been under scrutiny after the company that he founded launched an internal inquiry into what the board described as “profoundly disappointing” conduct. A separate investigation was launched by the corporate watchdog, the Australian Securities and Investments Commission, along with another line of inquiry by the ASX.
“Mr Ellison holds varying interests in relation to the varying properties, along with others,” MinRes’ board said in the statement released after markets closed on Thursday.
The company also engaged Ship Agency Services, which is associated with Ellison’s daughter, as a “preferred” ship agency and afforded it with “rent relief,” according to the statement.
The board is expected to be grilled by disgruntled shareholders over the matter at its annual meeting on Nov. 21. Since this year’s peak in May, Mineral Resources’ market value has fallen by more than half.
After findings from the internal investigation, Ellison was fined A$8.8-million by the company and will forfeit his salary and other incentives worth as much as A$9.6-million. MinRes also announced he would retire from his position within 18 months, a timeline that drew criticism from superannuation shareholder HESTA earlier this month.
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