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that its founder and managing director, Chris Ellison, will be fined and will leave the company within the next 12 to 18 months.
MinRes listed on the ASX in 2006, but the liability to FEEHL was not disclosed in its prospectus or any subsequent report. The company later made two payments totaling A$3.79 million to FEEHL in 2006 and 2008 to settle the liability.In 2021, Ellison voluntarily disclosed income earned from FEEHL to the Australian Taxation Office and paid A$3.9 million in unpaid taxes in May 2023, though he did not inform MinRes of this disclosure until November 2023.
The scandal has wiped about 20% from MinRes’ share price since Oct. 21, underscoring the investment risk of having a company operating under the shadow of a single dominant corporate figure. Ellison, who has agreed to step down within 12 to 18 months to facilitate a smooth leadership transition, expressed remorse, saying he was “deeply sorry” for the events that have occurred and their impact on MinRes’ reputation. “I apologize to the board and our people, who expect and deserve better from me,” he said.
McClements acknowledged the pressures that MinRes’ rapid growth in recent years had placed on its governance systems, saying, “The board faced a unique set of circumstances, with a high-performing managing director and a range of governance issues that required us to take action.”This controversy comes at a pivotal moment for MinRes as it contends with weak lithium prices and ramps up operations on its largest project, Onslow Iron.
Given Ellison’s history in the company, he may stay involved even after he steps down as managing director, Peker commented
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