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Mineral Resources’ (ASX:MIN) board has thrown its support behind company chief Chris Ellison following allegations published by a national masthead that Ellison has “evaded tax for years.”
All in all, reports dug into offshore company holding structures associated with the billionaire, as well as allegations – historical in nature – that Ellison systematically attempted to avoid paying the ATO where possible.
Those offshore businesses allegedly allowed Ellison to make income without reporting to the ATO, while the report also alleges shareholders were burned.
Further according to the allegations, the ATO were scrutinising MinRes only one year after the company first floated on the ASX way back in 2006.
Here’s what makes the MinRes announcement addressing these reports on Monday interesting – while the board has indicated strong support for Ellison (perhaps implying shareholders should too), there is one line that could give further pause.
“As to his private tax matters, Mr Ellison self-reported to the Australian Taxation Office, repaid amounts owed and disclosed these matters to the Board,” it wrote on Monday.
“While this does not diminish what happened, Mr Ellison profoundly regrets his errors of judgment.”
MinRes’s reply to the reports on Monday morning reads, in short: Got creative with tax returns yes, but the offshore account stuff – no.
Probably not surprising from a WA miner whose worldview is very distinctly nostalgic for the 80’s, if any other recent interviews are anything to go by.
MIN last traded at $45.86/sh.
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