Rio Tinto fined £27m by FCA, as SEC lays fraud charges

The mining giant Rio Tinto plc has breached the Disclosure Rules by failing to declare a large financial impairment in time, and been penalised £27,385,400 by the Financial Conduct Authority. Meantime, the Securities and Exchange Commission in the United States has charged the company and two former senior executives with fraud “for inflating the value of coal assets acquired for $3.7 billion and sold a few years later for $50 million”.