Rio Tinto to extend delay for ex-CEO's bonus amid Guinea probe

|About: Rio Tinto plc (RIO)|By:, SA News Editor

Rio Tinto (NYSE:RIO) says it plans to further delay paying outstanding bonuses to former CEO Sam Walsh, as regulators continue investigating payments to a consultant on the Simandou iron ore project in Guinea.

Rio said in 2017 it would postpone any short- and long-term incentives owed to Walsh for a minimum of two years, and the company is now planning to extend that time period.

The investigation is focused on a $10.5M payment to an external consultant in 2011 for assisting on negotiations with Guinea’s president; leaked emails showed former CEOs Tom Albanese and Walsh, then head of Rio’s iron ore unit, discussing the payment.

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