One of the many mysteries lingering in the fog of opaque disclosure surrounding the corporate governance implosion at Mineral Resources is the role played by internal audit, the so-called third line of defense against material risks.

It’s fair to ask what MinRes’s internal audit team was doing when CEO and founder Chris Ellison used company resources for his personal gain, made deals that benefited his daughter, failed to act with integrity, and failed to separate his personal interests from those of the company.

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