Australian Treasurer Sues Foreign Investor in Rare Earths Miner
Australian Treasurer Jim Chalmers has started the first legal case in the Federal Court for an alleged breach of the nation's foreign investment laws, saying a shareholder in a rare earths company failed to heed his order to sell its stake.
Indian Ocean International Shipping and Service Company Ltd. was one of five foreign investors ordered by Chalmers a year ago to sell its shares in Australian-listed Northern Minerals Ltd. within three months. It hasn't complied, the treasurer said in a statement on late Thursday.
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