SYDNEY -- Chris Ellison, the founder and managing director of Mineral Resources, will step down within the next 12 to 18 months after a board investigation into tax evasion allegations and other governance issues found the billionaire had "not acted with integrity" and damaged the reputation of the Australian iron ore and lithium miner.
Ellison will also incur board-imposed penalties of 8.8 million Australian dollars and forego up to A$9.6 million in remuneration, the board said in a statement to the Australian Securities Exchange (ASX) on Monday.
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