BUSINESS LIVE: Rio Tinto Investigated by FCA; Patisserie Valerie accountant sanctioned; Morrisons shareholders vote on £7bn acquisition
Rio Tinto is under investigation by the Financial Conduct Authority over claims it misled the market over its sprawling £5bn copper mine in Mongolia’s Gobi Desert.
The city’s regulator is questioning those previously involved in the project, sources told the Mail, before possibly launching an official investigation.
The Financial Reporting Council has imposed sanctions on Grant Thornton UK in connection with the audit of Patisserie Valerie, which went into administration in 2018 following indications of potentially fraudulent accounting irregularities.
Grant Thornton faces a £4 million financial penalty, in addition to a range of non-financial penalties, for which audit partner David Newstead was fined £150,000 for his role.
Morrisons shareholders will vote on October 19 on the £7 billion takeover bid of 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