Mr Ellison was also fined A$8.8 million (S$7.6 million) and will forfeit his salary and other incentives worth as much as A$9.6 million. He will remain as managing director until a successor is found.
The investigation found Mineral Resources had made payments of A$3.8 million to an offshore company owned by Mr Ellison for mining equipment and parts. Mr Ellison had not declared the income and the transactions took place after Mineral Resources had been listed in Sydney, raising questions over the transparency of the deals. He has agreed to repay the amount.
Shares of Mineral Resources fell as much as 7 per cent in early trading on Nov 4 after the announcement.
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