Inside the MinRes investigation: how the secret tax deal came to light
At the Mineral Resources earnings result briefing in August, managing director Chris Ellison said: “this is the sh**tiest time to be the MD of the company.”
He was talking about the plunge in lithium prices. But things were about to get worse.
Less than two months later, Financial Reviewinvestigative reporter Neil Chenoweth lifted the lid on a tax evasion scheme that enriched the billionaire along with four other MinRes executives and was secretly settled with the ATO.
And that was just the start. Evidence uncovered by the company’s own board in a two-year investigation found Ellison told MinRes staff to work on his boat and properties, directed employees to manage his personal finances and used the company to buy goods and services.
Last week, the board announced Ellison would step down within 18 months. But the scandal has divided shareholders and raised questions for Ellison, MinRes and regulators.
This week on The Fin podcast, Neil Chenoweth and Rear Window columnist Mark Di Stefano on how Chris Ellison’s secret deal with the tax office came to light, why some investors want the founder to stay on and whether Mineral Resources can draw a line in the sand.
Explore the big issues in business, markets and politics with the journalists who know the inside story. New episodes of The Fin are published every Thursday.
