New Zealand Billionaire & Founder of Australia Mining Group $4.9 Billion Mineral Resources Chris Ellison to Step Down after Board Investigation of Using Company Resources for Personal Benefits, Failure to Properly Disclose Revenue & Tax Evasion, Chris Ellison Fined $5.8 Million by Mineral Resources, Made AUD 3.8 Million Payment to Chris Ellison Offshore Entities for Mining Equipment, Paid Rents for His & Daughter Properties, Employees Managed His Personal Finances, Boat & Properties
9th November 2024 | Hong Kong
New Zealand billionaire & founder of Australia mining group Mineral Resources ($4.9 billion market value) Chris Ellison ($1.2 billion fortune) will be stepping down after board investigation of him using company resources for personal benefits, failure to properly disclose revenue & tax evasion. Chris Ellison had been fined $5.8 million by Mineral Resources. Chris Ellison had made AUD 3.8 million payment to his offshore entities for mining equipment, paid rents for his & daughter properties with company funds, and have his employees managed his personal finances, boat & properties. Mineral Resources Limited (MinRes) is a leading diversified resources company with extensive operations in lithium, iron ore, energy and mining services across Western Australia. Chris Ellison, Managing Director – Chris is the founding shareholder of each of the three original subsidiary companies of Mineral Resources (Crushing Services International Pty Ltd, PIHA Pty Ltd and Process Minerals International Pty Ltd). He has over 36 years of experience in the mining contracting, engineering and resource processing industries. In 1979, Chris founded Karratha Rigging and was Managing Director until its acquisition by Walter Wright Industries in 1982. Chris was subsequently appointed as the General Manager, Walter Wright Industries for the Western Australia and Northern Territory regions. In 1986, Chris founded Genco Ltd, and, following two years of considerable growth, Genco Ltd merged with the Monadelphous Group in 1988. In September 1988 Receivers and Managers were appointed to the Monadelphous Group. At this time, Chris was appointed the Managing Director and under his careful management, the Monadelphous Group successfully traded out of its financial difficulties and eventually relisted on the ASX in late 1989. In 1992, Chris founded PIHA Pty Ltd, a company focussed on the provision of specialised pipe lining and general infrastructure.
“ New Zealand Billionaire & Founder of Australia Mining Group $4.9 Billion Mineral Resources Chris Ellison to Step Down after Board Investigation of Using Company Resources for Personal Benefits, Failure to Properly Disclose Revenue & Tax Evasion, Chris Ellison Fined $5.8 Million by Mineral Resources, Made AUD 3.8 Million Payment to Chris Ellison Offshore Entities for Mining Equipment, Paid Rents for His & Daughter Properties, Employees Managed His Personal Finances, Boat & Properties “
New Zealand Billionaire & Founder of Australia Mining Group $4.9 Billion Mineral Resources Chris Ellison to Step Down after Board Investigation of Using Company Resources for Personal Benefits, Failure to Properly Disclose Revenue & Tax Evasion, Chris Ellison Fined $5.8 Million by Mineral Resources, Made AUD 3.8 Million Payment to Chris Ellison Offshore Entities for Mining Equipment, Paid Rents for His & Daughter Properties, Employees Managed His Personal Finances, Boat & Properties
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