$Mineral Resources Ltd (MIN.AU)$ shares dropped 10.60% to A$41 on Monday, as its founder Chris Ellison admits tax evasion.
Mineral Resources Ltd is conducting an internal investigation into payments associated with its founder and Managing Director, Chris Ellison. Despite the board's full confidence in Ellison, the company's shares plummeted by 14% in early Sydney trading. Ellison has admitted to a "serious lapse of judgment" regarding undisclosed revenue from offshore entities, which he has since self-reported and repaid to the Australian Taxation Office. The board is set to release a further statement once the investigation is complete.
Source: Bloomberg, Reuters