Mineral Resources CEO Chris Ellison to Step Down Amid Tax Scandal

Ellison faces multimillion-dollar penalties and governance reforms following revelations of undisclosed financial interests.

Chris Ellison, founder and managing director of Mineral Resources, will step down within 18 months after an investigation into tax evasion and misuse of company resources.
The investigation revealed Ellison's undisclosed financial interest in an offshore company involved in transactions with a Mineral Resources subsidiary.
Ellison has been fined $8.8 million by the company's board and will forfeit nearly $10 million in planned executive remuneration.
Additional findings included Ellison's use of company resources for personal benefit, such as directing employees to work on his private properties.
Mineral Resources will establish an independent ethics and governance committee to ensure transparency and strengthen corporate governance.