Mineral Resources declares ASIC investigation ‘over’ with Ellison to face no action

The Australian Securities and Investments Commission has concluded its investigation into Mineral Resources and its founder Chris Ellison, with the company stating that no enforcement action would be taken by the regulator.

Ellison and MinRes were under investigation by both ASIC and the Australian Taxation Office over tax evasion allegations, related-party transactions and the misuse of company resources.

However, In a statement to the ASX on Tuesday, the company confirmed the ASIC investigation had concluded.

“ASIC has informed the company that it has concluded the investigation and determined that it will not take any enforcement action,” the statement read.

In November 2024, Ellison told shareholders he made an “error of judgment” in failing to report his personal tax and expressed regret for the impact his decision had on the business and its staff.

At the time, he assured investors he had repaid the funds he owed to the company and vowed to support the board as it embarked on a global search for his replacement within the next 18 months.

“I can’t express how much I hate what I have done, this is a dark cloud in my life that I will live with forever,” Ellison said in 2024.

In February last year, Ellison forked out $3.8 million to service the penalty he was hit with by the company he founded over an offshore tax scandal that had been tipped to cost the managing director his role.

The MinRes founder was previously expected to step down after it agreed to finding a replacement for the founder by mid-2026 following a series of scandals including alleged tax evasion and misuse of company resources.

However, MinRes chairman Malcolm Bundey told shareholders in November that Ellison would remain at the company beyond the previously agreed deadline, and the company would implement a three-stage succession plan.