Rio Unit Pays $19.4 Million to Cancel Ex-CEO Contracts
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Turquoise Hill Resources Ltd., building a Mongolian copper mine with Rio Tinto Group, paid $19.4 million to cancel cost-sharing deals with companies linked to former Chief Executive Officer Robert Friedland.
“These arrangements were on a cost-recovery basis and included aircraft rental and administration and other office services” in London and Singapore, Turquoise, formerly Ivanhoe Mines Ltd. and 51 percent owned by London-based Rio, said in a statement dated yesterday. The deals were with companies 100 percent owned by Friedland, it said.