Chris Ellison addressed shareholders at Mineral Resources 2024 AGM. (Supplied: Mineral Resources)
The Australian Securities and Investments Commission says it will not impose penalties against WA miner Mineral Resources and its billionaire boss Chris Ellison after an investigation into alleged tax evasion.
MinRes has been under scrutiny after Mr Ellison failed to disclose a financial interest he held in an offshore company that was one of his suppliers.
Separately, investors have filed a class action suit in Victoria's Supreme Court against Mr Ellison and the company.
Western Australian mining billionaire Chris Ellison and his flagship company will face "no action" from the federal corporate regulator, which had been investigating Mineral Resources for alleged tax evasion.
Mr Ellison and the Perth-based iron ore and lithium miner were under scrutiny from the Australian Securities and Investments Commission (ASIC) after an internal review found he had failed to disclose a financial interest he held in an offshore company that sold almost $4 million worth of equipment to MinRes in the early 2000s.
That company was based in the British Virgin Islands, a territory where companies do not pay income tax.
In April 2025, the mining boss apologised and announced he would step down from his post as managing director, however there has been no announcement of his successor.
ASIC today confirmed its investigation was finished, and that it would not impose penalties or other enforcement actions against Mr Ellison or MinRes.
Mineral Resources' headquarters in Osborne Park, eight kilometres north west of Perth's CBD. (ABC News)
"ASIC assessed the available evidence, applicable law, prospects of success and broader public interest considerations before determining that no further regulatory action was warranted," it said in a statement.
Separately, investors have filed a class action against Mr Ellison and MinRes in Victoria's Supreme Court over the alleged tax scandal.
In late 2024, Mineral Resources' board ordered Mr Ellison to pay $8.8 million in financial penalties, and decided not to pay almost $10 million in planned executive remuneration.
Mr Ellison has apologised for the incident. (Supplied: MinRes)
The board's internal investigation also found company funds had been used to benefit entities in which Mr Ellison's daughter had an interest, without Mineral Resources' knowledge.
