News Wrap

IN THIS morning’s News Wrap: Missing $13.5M in Guinea dogs Rio; Federal government to lend money to Adani business associates; and penalty hike push for miners.

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Missing $13.5M in Guinea dogs Rio

Rio Tinto’s Guinea payments scandal remains a more serious concern to the miner’s board than its mounting Mozambique acquisition problems because while the miner found no evidence of law-breaking around a US$10.5 million Guinea consultant payment, it is not exactly clear what happened to the money, reports The Australian.

Rio was hit by legal ­action from ASIC last week for alleged misleading or deceptive conduct over company reporting of its ­failed $4 billion Mozambique coal acquis­ition, adding to a US ­Securities and Exchange Commission fraud case.

But Guinea, where there is a continuing British Serious Fraud Office i...