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Rio Tinto says will vigorously defend itself against SEC charges

Reuters - UK Focus

SYDNEY, Oct (Shenzhen: 000069.SZ - news) 18 (Reuters) - Rio Tinto (Hanover: CRA1.HA - news) said on Wednesday it intends to "vigorously defend itself" against charges by the U.S. Securities and Exchange Commission that the company inflated the value of coal assets in Mozambique acquired for $3.7 billion and sold a few years later for $50 million.

"Rio Tinto believes that the SEC (Shanghai: 603988.SS - news) case is unwarranted and that, when all the facts are considered by the court, or if necessary by a jury, the SEC’s claims will be rejected," Rio said in a statement to the Australian stock exchange.

In a lawsuit filed in federal court in Manhattan, the SEC said Rio Tinto, its former Chief Executive Officer Thomas Albanese and former Chief Financial Officer Guy Elliott failed to follow accounting standards and company policies to accurately value and record the assets. (Reporting By Jane Wardell; Editing by David Gregorio)