announced it would report the findings to the U.S. Securities and Exchange Commission (SEC), the Serious Fraud Office (United Kingdom), the Australian Securities & Investments Commission, and the U.S. Justice Department. Rio Tinto also declared they would cooperate with all related investigations and fired two top executives in connection with the matter, one of whom was head of energy and minerals, Alan Davies, who led the Simandou operation in 2011. He was suspended after the investigators discovered suspicious emails discussing contractual payments from that year. Davies claimed that there were no grounds for the termination of his employment. The President of Guinea Alpha Condé denied having any knowledge of the illegal transactions, but recordings obtained by France24 prove otherwise. Sam Walsh, the retiring CEO of the company, had 80% of his pay withheld while the investigation continue. Also in early November 2016, Former mining minister of Guinea, Mahmoud Thiam, revealed that the head of Rio Tinto's operation in Guinea offered him a bribe in 2010 to win back control of the Simandou mine, and that his offer was supported by senior members of the company. Rio Tinto is currently facing at least four class action suits in the U.S. demanding damages over the corruption allegations in Guinea. The suit states that Rio Tinto made "materially false and misleading statements" that "deceived" investors. In July 2017 the Serious Fraud Office (SFO) announced the launch of a fraud and corruption investigation into the company's business practices in Guinea. Following the news of the investigation Rio Tinto shares in the U.S. dropped by 1.4%. The Australian Federal Police is also investigating the allegations. Rio Tinto has announced it would cooperate fully. After the SFO investigation announcement, and amid a search for a new CEO, Rio Director John Varley was forced to resign from his role in the company. SEC Investigation The U.S. Securities and Exchange Commission is investigating a $3 billion impairment charge against Rio Tinto regarding a coal deal they made in Mozambique. Rio acquired Riversdale Mining Ltd., an Australian coal mining company with significant interests in Mozambique, in 2011 for $2.9 billion in an all-cash deal. Two years later they wrote down the value of the assets by $3 billion. Following the impairment charge, which included an additional $11 billion in asset write-downs, chief executive officer of Rio Tinto, Tom Albanese stepped down from his post and left the company. Rio