Shell director steps down amid Rio Tinto fraud allegations
- Business & Finance
A director at the Anglo/Dutch oil major Royal Dutch Shell has stepped down following fraud allegations related to his previous post at Rio Tinto, a global mining group.
Shell said on Wednesday that Guy Elliott has stood down as a non-executive director of the company with immediate effect.
Namely, according to BBC’s report on Wednesday, the mining giant Rio Tinto and two of its former executives, including Elliott, have been charged with fraud in the U.S. The U.S. Securities and Exchange Commission (SEC) accused the company and its executives of hiding losses by inflating the value of African coal assets.
Commenting on Elliott’s resignation, Royal Dutch Shell chair, Charles Holliday, said: “We fully respect and appreciate Guy’s decision which is related to his involvement in legal proceedings regarding his former employment at Rio Tinto. We will miss his insightful counsel and leadership and would like to thank him for his seven years of valuable contribution to the Shell board.
“We sincerely hope he satisfactorily resolves those proceedings and, that in that event, he would like to be considered for rejoining the board.”
Offshore Energy Today Staff