Pentwater Issues Public Letter on Corporate Governance to Rio Tinto Director Ben Wyatt
Retrieved on:
Thursday, November 18, 2021
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Pentwater Capital Management LP ("Pentwater"), the largest minority shareholder of Turquoise Hill Resources Ltd. ("Turquoise Hill") (TSX:TRQ) (NYSE:TRQ), wrote the following letter to Rio Tinto plc (Rio Tinto or Rio) (LSE:RIO) Director Mr. Ben Wyatt and the rest of the Rio Tinto Board.
Key Points:
- Pentwater Capital Management LP ("Pentwater"), the largest minority shareholder of Turquoise Hill Resources Ltd. ("Turquoise Hill") (TSX:TRQ) (NYSE:TRQ), wrote the following letter to Rio Tinto plc (Rio Tinto or Rio) (LSE:RIO) Director Mr. Ben Wyatt and the rest of the Rio Tinto Board.
- Unfortunately, neither Mr. Wyatt nor any other member of the Rio Tinto Board has responded to explain the continued corporate governance breaches Rio Tinto continues to inflict upon Turquoise Hill minority shareholders.
- Remarkably, even in purported negotiations between Rio Tinto and TRQ regarding the mine, the TRQ representatives negotiating with Rio are often merely Rio Tinto employees temporarily seconded to TRQ.
- Instead, Rio Tinto is requiring TRQ to pay the compensation that Rio should be paying to the government of Mongolia.