CANBERRA, ACT, Jan. 30 -- The Treasurer of Australia issued the following media release:
Today the Federal Court of Australia has ordered Indian Ocean International Shipping and Service Company Ltd (Indian Ocean) and MsJing Tian to pay $14million in penalties for breaching Australia's foreign investment laws.
This outcome sends a clear signal to foreign investors in Australia that they must follow the law or face the consequences.
This was the first case brought by a Treasurer under our foreign investment laws since they were introduced in 1975.
I will always act to protect the national interest and the integrity of our foreign investment framework.
In June 2024, I ordered five foreign investors, including Indian Ocean, to sell their shares in Northern Minerals Limited (Northern Minerals) to unrelated parties by 2September 2024.
The orders were issued due to national security concerns about these investors' shareholdings in the critical minerals company.
In August 2024, Indian Ocean transferred their shares in Northern Minerals to MsTian, who at the time was the company's director and sole shareholder.
The Federal Court declared that the transfer of shares breached the disposal order.
The Albanese government will never hesitate to take decisive action to protect our national interests and preserve our national security.
Disclaimer: Curated by HT Syndication.
