News Wrap

IN today’s News Wrap: Former Rio execs in bid to have fraud charges dismissed; Cryptocurrency crash sparks bitcoin’s nouveau rich to run to gold; and Trump hires ex-BHP lobbyist.

News Wrap News Wrap News Wrap News Wrap News Wrap

Former Rio Tinto executives in bid to have SEC fraud charges dismissed

Rio Tinto, its former boss Tom Albanese and the miner’s former chief financial officer, Guy Elliott, have urged a court to throw out a fraud case against them and the company for allegedly overstating the value of a disastrous coal venture in Mozambique, according to The Australian.

In letters filed with the US District Court in Manhattan, Albanese and Elliott strongly defended their conduct as senior Rio executives and say the case brought against them by the US Securities and Exchange Commission should be dismissed.

Rio Tinto has also told the court that the case, which centres on a shock US$3 billion writedown the company took on the Mozambique project in 2013, ...