The controversial mining industry figure has sold shares in his Australia-listed business; he intends to build a family office.

The New Zealander who is managing director of Mineral Resources, billionaire Chris Ellison, has sold shares in the iron ore company he founded as he prepares to set up his own family office.

Ellison sold 1.75 million shares in Australia-listed MinRes last week, his first sale of stock since 2017, at an average price of A$69.98 ($50.54), the company said in a regulatory filing. He remains the company’s biggest shareholder, holding more than 20 million shares representing a stake of more than 10 per cent after the sale.

“This disposal was undertaken for personal financial planning purposes, including the establishment of a family office,” MinRes said on its corporate website.

"Mr Ellison has been the major shareholder of MinRes for 33 years, including 20 years as a publicly listed company, and remains the company's largest shareholder. He retains a significant shareholding of 20,834,661 shares, representing 10.54 per cent of issued capital," it said.

A controversial figure, Ellison has been accused of impropriety, including receiving undeclared payments and conflicts of interest, leading to a slump in the company’s stock in 2024. The shares have since recouped most of that loss and are up 164 per cent from a year ago.

The news service said an internal probe into undeclared payments in 2024 found that Ellison had engaged in “profoundly disappointing” conduct. The company was also investigated by both the Australian Securities and Investments Commission, and the Australian Securities Exchange. In May 2025, investors filed a class action against major MinRes and Ellison.The claim was filed in Victoria's Supreme Court on behalf of shareholders who acquired an interest in the company between March 2019 and November 2024. The allegations related to an alleged tax scandal involving Ellison, during which he was investigated by the MinRes board and ordered to pay almost A$9 million in penalties. Despite issuing the fine, the board also acknowledged that Ellison had voluntarily disclosed the income to the Australian Taxation Office (ATO). Ellison apologised for the matter at the time, and said he would step down. (Sources: abc.net.au, others.) In a stock market statement, MinRes said it intended to defend the class-action lawsuit.

Ellison announced that he would step down within 18 months in November 2024, but a successor has not yet been named and the timing of his retirement remains unclear, media reports said. In the firm's results for the six months to end-December 2026, Ellison is still listed as MD.

"Leadership succession planning is well underway with the support of Korn Ferry and Xperience, including progressing reviews of our management structure and operating model, and developing a comprehensive CEO profile," Malcolm Bundey, MinRes board chair said in the firm's results statement, issued on 20 February.