Australia corporate watchdog expands legal action against Rio Tinto, former executives

SYDNEY (Reuters) – Australia’s corporate watchdog said on Tuesday it has expanded legal action against miner Rio Tinto (RIO.AX) (RIO.L) and two former top executives, alleging a failure to recognize an impairment in its Mozambique coal assets in 2012 financial statements.

The new allegations against former Chief Executive Tom Albanese and former Chief Financial Officer Guy Elliott come on top of claims the executives misled investors about the coal reserves in the 2011 annual report.