'No action' against Chris Ellison, MinRes after regulator ends tax probe

The Australian Securities and Investments Commission says it will not impose penalties against WA miner Mineral Resources and its billionaire boss Chris Ellison after an investigation into alleged tax evasion. MinRes has been under scrutiny after Mr Ellison failed to disclose a financial interest he held in an offshore company that was one of his suppliers. Separately, investors have filed a class action suit in Victoria's Supreme Court against Mr Ellison and the company. Western Australian mining billionaire Chris Ellison and his flagship company will face "no action" from the federal corporate regulator, which had been investigating Mineral Resources for alleged tax evasion. Mr Ellison and the Perth-based iron ore and lithium miner were under scrutiny from the Australian Securities and Investments Commission (ASIC) after an internal review found he had failed to disclose a financial interest he held in an offshore company that sold almost $4 million worth of equipment to MinRes in the early 2000s. That company was based in the British Virgin Islands, a territory where companies do not pay income tax. ASIC today confirmed its investigation was finished, and that it would not impose penalties or other enforcement actions against Mr Ellison or MinRes. "ASIC assessed the available evidence, applicable law, prospects of success and broader public interest considerations before determining that no further regulatory action was warranted," it said in a statement. In late 2024, Mineral Resources' board ordered Mr Ellison to pay $8.8 million in financial penalties, and decided not to pay almost $10 million in planned executive remuneration. The board's internal investigation also found company funds had been used to benefit entities in which Mr Ellison's daughter had an interest, without Mineral Resources' knowledge. Mr Ellison told shareholders at the time he was deeply sorry for his actions. "I hate what I've done," he said. "I made an error of judgement with reporting of personal tax. I deeply regret the impact this has had on our business and our people." Mr Ellison had also admitted to shareholders he had operated overseas entities and not disclosed revenue from these ventures. But he said the matter had since been settled, and all outstanding tax, penalties and interest had now been paid back. [Image text:] MINERAL RESOURCES