The board of Mineral Resources knew about Chris Ellison’s tax scheme in June 2022. But despite launching an investigation, it told shareholders nothing.
Mineral Resources’ attempt to answer the question at the heart of its governance crisis – when did the board know about the tax evasion scheme allegedly operated for a decade by founder and managing director Chris Ellison? – has further damaged the board’s credibility.
In a response to official ASX inquiries published to the exchange on Tuesday, MinRes said it was first informed of the allegations in June 2022. It brought in a lawyer to investigate, but didn’t inform shareholders – you know, the people who actually own the company – because the board “did not consider these matters to be materially price sensitive”.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
