NEW YORK: A U.S. judge on Monday rejected Rio Tinto Plc's bid to dismiss a Securities and Exchange Commission lawsuit accusing the Anglo-Australian mining company of civil fraud in its handling of a failed investment in a Mozambique coal project.
U.S. District Judge Analisa Torres in Manhattan said the SEC may pursue some of its claims in the October 2017 lawsuit, which also charged former Chief Executive Officer Tom Albanese and former Chief Financial Officer Guy Elliott with fraud.The SEC accused the defendants of inflating the value of Mozambique coal assets that Rio Tinto bought in 2011 for US$3.7 billion, through a takeover of the former Riversdale Mining.
By waiting until January 2013 to take a more than US$3 billion writedown, Rio Tinto was able to make its balance sheet look better and raise more than US$5.5 billion from U.S. investors unaware of problems with the assets, the SEC said.Lawyers for the defendants had no immediate comment or did not immediately respond to requests for comment. The SEC did not immediately respond to a similar request.
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