'No action' against Chris Ellison, MinRes after regulator ends tax probe
The corporate regulator said it would take "no action" against the Perth-based miner and its managing director after concluding its investigation into the tax allegations.
The Australian Securities and Investments Commission (ASIC) has concluded its investigation into Mineral Resources and its billionaire CEO Chris Ellison, deciding not to impose any penalties or take further regulatory action against the company or its leader. The ASIC investigation stemmed from allegations of tax evasion, which arose after it was discovered that Ellison had failed to disclose a financial interest he held in an offshore company that supplied MinRes with equipment worth nearly $4 million in the early 2000s. The British Virgin Islands-based company is known for operating without paying income tax.
In April 2025, Ellison publicly apologized for his actions and announced his resignation as managing director, though no successor has been named yet. Despite the ASIC's decision, investors have now filed a class action lawsuit against Ellison and MinRes in Victoria's Supreme Court, alleging wrongdoing related to the tax scandal.
The mining firm's board took disciplinary action in late 2024, ordering Ellison to pay $8.8 million in financial penalties and declining to pay almost $10 million in planned executive compensation. The board's investigation also revealed that company funds were used to benefit entities in which Ellison's daughter had an interest, without the company's knowledge.
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