Boss over the coals

AUSTRALIA’S corporate watchdog has begun court action against former Rio Tinto CEO Tom Albanese and his then-CFO over alleged deception in relation to a disastrous $4 billion African coal investment.

The Australian Securities and Investments Commission alleges Mr Albanese and former Rio Tinto chief financial officer Guy Elliott signed off on a 2011 report that misrepresented the value of the Mozambique coal mine, which was eventually sold for just $50 million after heavy writedowns.