Mineral Resources' shares opened more than 13% down Monday following allegations over the weekend in respect of the tax affairs of managing director Chris Ellison, before buy-the-dip investors stemmed some of the selling.
Mineral Resources' shares opened more than 13% down Monday following allegations over the weekend in respect of the tax affairs of managing director Chris Ellison, before buy-the-dip investors stemmed some of the selling.An investigation by the AFR pointed to Ellison and other unnamed executives being involved in some form of an historical offshore company arrangement that bypassed the ATO.
"Be that as it may, MinRes has got a legal firm in to take a look at the whole affair and advise the board, with the investigation said to be well advanced.Tough yearThe latest news continues what has been a shocker of year for Ellison and MinRes.The miner and contractor has been under extreme pressure because of its debt position amid poor iron ore and lithium pricing.As at the end of fiscal 2024, net debt stood at A$4.4 billion.
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