Mineral Resources boss Chris Ellison to step down after board finds he used company resources for personal benefit

Billionaire mining CEO fined $8.8m amid investigation, which follows accusations he failed to disclose revenue generated by overseas entities to tax authorities

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Billionaire mining boss Chris Ellison will leave Mineral Resources as part of an orderly transition" within 18 months after the company's board found the chief executive had at times used company resources for his personal benefit.

MinRes said in a statement it had also fined Ellison $8.8m to reflect the significance of corporate governance and reputational issues to the company". The founding chief executive also faces a further $9.6m in lost remuneration.

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