By Carlo Martuscelli
U.K. regulator the Takeover Panel announced on Friday that Guy Elliott has resigned from his position as a member of the regulatory body.
The panel--which is tasked with overseeing the administration of takeover and mergers of London-listed companies--cited legal proceedings related to his former role as chief financial officer at Rio Tinto PLC (>> Rio Tinto). The proceedings were brought forward by the U.K. Securities and Exchange Commission, the panel added.
On Wednesday, Rio Tinto announced that the SEC had filed a civil complaint of fraud against it regarding the impairment of subsidiary Rio Tinto Coal Mozambique in the mining company's year-end accounts.
Mr. Elliott has also resigned from his position as non-executive director at Royal Dutch Shell PLC (>> Royal Dutch Shell).
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