The SEC dropped its case against former Rio Tinto CFO Guy Elliott over inflated coal asset values, citing discretion.

The SEC has dropped its civil case against Guy Elliott, former Rio Tinto CFO, in a long-running probe over inflated coal asset values, dismissing the charges with prejudice, meaning they cannot be refiled. The case, tied to a failed $3.7 billion Mozambique coal project, alleged misleading investors by overvaluing assets despite internal assessments showing they were worth negative $680 million. While Rio Tinto paid a $28 million penalty in 2023 and former CEO Tom Albanese paid $50,000, Elliott’s case continued until Friday. The SEC cited discretion in ending the action, and Elliott called the dismissal a victory. The decision comes as Rio Tinto explores a merger with Glencore.