A recent example of how illicit financial flows are extracting illegitimately wealth from Africa – Rio Tinto suspends senior executive after Guinea investigation

Rio Tinto (RIO.AX) (RIO.L), the world’s second-largest miner, has suspended one senior executive, accepted the resignation of a second and alerted U.S. and UK authorities after discovering $10.5 million in unexplained payments to a consultant in Guinea.

Rio said on Wednesday it had launched an investigation after becoming aware on Aug. 29 about emails from 2011 that referred to contractual payments to an unidentified consultant relating to its project in the Simandou mountains, which contain the world’s largest untapped iron ore deposits.

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Author: Nkateko

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