HESTA puts Mineral Resources on watchlist as billionaire founder’s actions investigated

The move comes just days after the share price dropped 10 per cent as the miner revealed the probe into allegations Ellison had engaged in a tax evasion scheme using offshore entities — first published by the Australian Financial Review last month — had concluded the billionaire used company resources for personal gain.

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The investigation found the miner had provided financial benefits to related parties, with rent paid to entities in which he had an interest, staff directed to work on his personal property — including his boat — and finances and relief afforded to entities tied to his daughter Kristy-Lee Craker.

It was also uncovered that emails related to the offshore entity at the centre of the scheme were deleted in 2019 around the time Ellison began self-disclosing to the tax office.

The billionaire will repay almost $3.8 million in funds owed, forfeit bonuses tipped to be worth $9.6 million and make charitable donations totalling $5 million over the coming years.

Ellison, who founded the $7 billion company and remains its largest shareholder with an 11.5 per cent stake, said he was “deeply sorry” for his conduct and the impact on the company’s reputation.

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