Rio Tinto settles FCPA investigation by U.S. Securities and Exchange Commission
Following an in-depth SEC investigation into payments Rio Tinto made to a consultant in connection with the Simandou project more than ten years ago, the company has been able to resolve this matter. This occurred in 2011 and was related to the Simandou project in the Republic of Guinea.
The regulatory agency SEC filed charges against Rio Tinto for having violated some of the laws set forth in the Foreign Corrupt Practices Act (FCPA). In response to all this, without admitting or denying the findings, Rio Tinto decided to pay a civil fine of US$15 million.
Rio Tinto CEO Dominic Barton happily declared that an appropriate and reasonable solution to the events that occurred more than a decade ago had been achieved. “We are pleased to have resolved this matter related to events that occurred more than a decade ago on appropriate and reasonable terms. When Rio became aware of the issue, an internal investigation was immediately initiated and we proactively notified the appropriate authorities. Since becoming aware, Rio Tinto has taken significant steps to improve our compliance program based on best practices. Under current leadership, we are taking steps to build a culture guided by our values of care, courage and curiosity; an environment where every team member feels comfortable to speak up if something is not right. We remain committed to conducting business with the highest standards of integrity and ensuring that our projects benefit communities, host governments, shareholders and customers.”
