06/02/2023

Mineral Commodities CEO Mark Caruso is contesting the charges.

On Monday mining executive Mark Caruso will appear in the Mandurah Courthouse, some 80 kilometres south of Perth, charged with unlawful trespass.
He has pleaded not guilty and is expected to contest a further three other charges (two counts of common assault, one of aggravated home burglary) listed to appear in the same courthouse a week later.
Caruso was until Friday the executive chairman of ASX-listed Mineral Commodities, whose major asset is a highly profitable if contentious mineral sands mine in South Africa. Caruso has since stepped down from the board, but has not relinquished his CEO position, having “confidence that he will continue to perform his duties in the best interests of the company”.
All this was duly disclosed on Friday morning, with investors told the charges stemmed from Caruso having “assist[ed] a friend in enforcing an abandonment order and a subsequent property seizure and delivery order at that friend’s premises”.
Caruso has told the company “he considered himself to be acting with lawful authority and in accordance with all relevant laws”, and so will vigorously defend the charges, having retained “an eminent senior counsel” to act on his behalf.
The share price, go figure, didn’t move a jolt in response. Just as well, given Caruso is exposed to some 79 million shares in the mineral sands miner, worth $25.3 million at Friday’s share price.
Automative software company Connexion Telematics, where Caruso was chairman, also announced his resignation on Friday, citing undisclosed “personal reasons”.