Mineral Resources Founder Chris Ellison to Step Down Amid $18.4m Tax Scandal

Nov 3, 2024, 11:45 PM

Chris Ellison, founder and managing director of Mineral Resources, is set to step down within 18 months following a board investigation into his tax affairs and misuse of company resources. The board has imposed an A$8.8 million ($5.8 million) fine and reduced his pay packet by $9.6 million, delivering an $18.4 million blow to Ellison. This decision comes after a Financial Review investigation revealed Ellison's involvement in a tax evasion scheme and other questionable business practices. The chairman of Mineral Resources is also expected to step down before the next year's AGM.