Basic Search  |  Summaries  |  Advanced SearchPenalty: £27,385,400
Year: 2017
Date: 17 October, 2017
Offence Group: financial offences
Offence Type: accounting fraud or deficiencies
Violation Description: Rio Tinto paid a £27.3 million fine in settlement of a finding by the FCA that the company breached Disclosure and Transparency Rules by deciding not to carry out an impairment test for Rio Tinto Coal Mozambique as was required by International Accounting Standards, which would have shown that the loss of cheap transport options for coal had greatly reduced the value of the company and it would have been marked down in value in the half year report for 2012.
Action Type: agency action
Settlement Type: settlement of FCA Decision
Agency: Financial Conduct Authority
HQ Country of Parent: United Kingdom
Ownership Structure of Parent: publicly traded
Major Industry of Parent: mining and minerals
Specific Industry of Parent: mining
Source of Data: (click here)