MinRes shares dip as Chris Ellison addresses tax evasion claims
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The news: Mineral Resources founder and managing director Chris Ellison addressed shareholders at the miner's annual general meeting today for his involvement in an alleged tax evasion scheme.
The numbers: MinRes shares were down 1.8% to $34.10 by 12:50pm AEDT, having tumbled since mid-October, when Ellison admitted a "serious lapse of judgement" regarding payments transferred from MinRes to Ellison-controlled entities registered in the British Virgin Islands.
The context: In his AGM remarks, Ellison said that things "could have and should have been done differently around corporate governance" but insisted "those measures are now in place".
MinRes chair James McClements, who, like Ellison, will transition from his role following the company's investigation into the tax evasion allegations, told shareholders "from time to time, Chris lacked judgement and used company resources for personal matters".
What they said: "... there have also been occasions, including in respect of historical dealings with Far East Equipment Holdings Limited and the subsequent personal tax implications, where Chris lacked the judgement and integrity that we would expect of our managing director," McClements said.
"This resulted in a range of financial penalties that we felt were appropriate and warranted in the circumstances," he said.
Ellison said: "I deeply regret the impact this has had on our business and our people. I can't stress how much I hate what I've done".
"[...] I've made some mistakes along the way; I own those mistakes and I'm standing here and take full responsibility for them."
The source: ASX announcement
