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World

Rio Tinto execs sacked amid bribery probe

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World

Rio Tinto execs sacked amid bribery probe

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COMING UP:Rio Tinto execs sacked amid bribery probe

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00:00:00
>> A bribery scandal going all the way to the top of the world's second largest mining company. Rio Tinto announcing the axing of two executives on Thursday over reports of $10 million in payments linked to an iron ore project in the west African country of Guinea. The scandal erupting last week after Rio said it discovered a batch of old emails talking about paying a French consultant to help the company get rights to develop Simandou, the world's largest untapped iron ore reserves.
00:00:31
The company swung into action, firing energy and minerals chief executive Alan Davies, who was in charge of the $20 billion Simandou project at the time, as well as the head of legal and regulatory affairs, Debra Valentine. It's also contacted law enforcement from the US, UK, and Australia. Media reports say any investigation could take years and come with big fines.
00:00:54
Davies, who has spent 20 years at the company, is fighting back, saying there were no grounds to fire him and threatening to sue the company.