MinRes founder Chris Ellison to step down after internal probe uncovers misuse of resources, faces penalty

Chris Ellison, the billionaire founder of Mineral Resources, is exiting the company after an internal investigation revealed his misuse of company resources for personal gain. Ellison failed to disclose revenue from his overseas entities and engaged in other misconduct, leading to a significant drop in the company’s share price. He will be replaced within 18 months.