Australia corporate watchdog takes Rio Tinto to court

Australia's corporate watchdog on Friday took mining giant Rio Tinto and two former top executives to court for allegedly engaging in "misleading and deceptive conduct" by misrepresenting the value of its Mozambique coal assets. Rio, the world's second-largest miner, has drawn the scrutiny of global regulators in recent years over the purchase of the Mozambique assets for US$3.7 billion in 2011. The Anglo-Australian firm sold them for just US$50 million three years later, writing off $US3.0 billion from its value. Former chief executive Tom Albanese lost his job over the issue.