MinRes billionaire founder Chris Ellison admits tax evasion, shares tank
Updates share moves in paragraph 2, adds analyst comments in paragraphs 7-8
By John Biju and Aaditya GovindRao
Oct 21 (Reuters) -Australian miner Mineral Resources' MIN.AX billionaire founder Chris Ellison admitted to failing to properly disclose revenue from his overseas entities to the Australian Taxation Office on Monday, sending the company's share price sharply lower.
Mineral Resources (MinRes) shares fell as much as 13.7% to A$39.59 by 0310 GMT and were heading for their worst trading session since late November 2009, while the broader benchmark index .AXJO was up 0.7%.
Ellison said that prior to listing Mineral Resources in 2006, he and his business partners operated entities overseas that imported mining equipment into Australia. Some of that revenue was not disclosed to the tax office, he said.
Ellison, who is the biggest shareholder of MinRes with an 11.5% stake, told Reuters the matter was "a serious lapse of judgement."
"All outstanding tax, penalties and interest that should otherwise have been paid by me has been fully repaid, and the matter has been settled with the ATO," Ellison said in a statement in response to media reporting about the issue.
The company has appointed an external legal counsel to investigate the matter and the investigation is well advanced, Mineral Resources said in a statement on Monday.
Analysts at RBC Capital Markets said the share price move was overdone, given that there appeared to be no impact on operations or management at face value.
"Currently, there appears to be confidence in Ellison's ability to manage/run the company, however until the investigation is finalised, there will likely be an overhang on the stock," the analysts said.
MinRes said it had full confidence in Ellison and his leadership.
Reporting by John Biju and Aaditya Govind Rao in Bengaluru; Editing by Lisa Shumaker, Stephen Coates and Subhranshu Sahu
Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
