BUSINESS LIVE: Rio Tinto investigated by FCA; Patisserie Valerie auditor sanctioned; Morrisons shareholders to vote on £7bn takeover
Rio Tinto is being investigated by the Financial Conduct Authority over claims it misled the market about its sprawling £5billion copper mine in Mongolia’s Gobi Desert.
The City regulator is questioning those previously linked to the project, sources told the Mail, ahead of potentially launching an official probe.
The Financial Reporting Council has imposed sanctions against Grant Thornton UK in its relation to audit of Patisserie Valerie, which went into administration in 2018 after evidence of potentially fraudulent accounting irregularities emerged.
Grant Thornton faces a financial sanction of £4million, in addition to a suite of non-financial sanctions, which audit engagement partner David Newstead was fined £150,000 for his role.
Morrisons shareholders will on 19 October vote on the £7billion takeover offer from US private equity group Clayton, Dubilier & Rice.
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Watchdog investigates claims Rio Tinto misled the market over its £5bn copper mine in Mongolia