Australia sues China-linked rare earths investors
By Christine Chen Australia sues China-linked rare earths investors
SYDNEY, - Australia is suing a Chinese-linked company and a former associate over a breach of foreign investment laws linked with rare earths miner Northern Minerals, the national treasurer said on Thursday, adding it was the first case of its kind.
Indian Ocean International Shipping and Service Company was one of five foreign investors with ties to China subject to an order by Treasurer Jim Chalmers to divest shares on national interest grounds in June last year.
Chalmers said in a statement he had lodged a legal action in the Federal Court and was seeking penalties, declarations and costs.
'Foreign investors in Australia are required to follow Australian law,' Chalmers said. 'We are doing what is necessary to protect the national interest and the integrity of our foreign investment framework.'
The statement, which said the case was the first to be brought by a Treasurer before the Federal Court for an alleged breach of foreign investment laws, did not give details of the current stake holdings. It named Indian Ocean, but did not name the former associate.
Indian Ocean International Shipping and Service Company could not immediately be contacted for comment.
Australia has sought to build a rare earths supply chain to decrease China's dominance over the elements used in products from smartphones to wind turbines and missiles and radar systems.
Northern Minerals, a supplier of rare earths to a refinery being built by Iluka Resources in Western Australia, became a flashpoint for the contest after Australia blocked Singapore-based Yuxiao Fund from doubling its stake in the company to almost 20% in 2023.
Yuxiao, controlled by Chinese businessman Wu Tao, along with four other entities, including Black Stone Resources of the British Virgin Islands and Indian Ocean International Shipping and Service Company based in the United Arab Emirates, were ordered in 2024 to sell shares worth 10.37% of Northern Minerals' share capital within three months to unconnected associates.
This article was generated from an automated news agency feed without modifications to text.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
38 minutes ago
- The Hindu
CBI arrests nine in nationwide crackdown on cyber fraud involving 8.5 lakh mule accounts
In a major crackdown on cyber-enabled financial crimes, the Central Bureau of Investigation (CBI) has arrested nine individuals following searches linked to the operation of approximately 8.5 lakh mule accounts in over 700 branches of various banks across the country. These accounts were allegedly being used to perpetrate cyber frauds, including the so-called 'digital arrest' scams. The action was undertaken as part of Operation Chakra-V, a multi-pronged initiative launched to tackle rising incidents of cybercrime. Based on specific inputs, the CBI conducted coordinated searches at 42 locations across Rajasthan, Delhi, Haryana, Uttarakhand, and Uttar Pradesh. According to the agency, the mule bank accounts were being operated by organised cybercriminal networks engaging in impersonation, fraudulent advertisements, investment frauds, and UPI-based scams. 'These cyber fraudsters are being helped by the commissions and omissions of certain bank officials, agents, aggregators, bank correspondents, middlemen and e-Mitras who are facilitating in opening of the mule accounts used for receiving and transferring proceeds of cyber frauds as well as enabling withdrawals from such accounts,' the agency said in a statement on Thursday. Also Read | CBI arrests five persons for allegedly selling SIM cards in violation of KYC rules The CBI initially instituted a preliminary enquiry to uncover the broader conspiracy involved in the creation of these mule accounts, the complicity of banking personnel and intermediaries, and to assess the adherence to existing regulatory norms. The investigation revealed that over 8.50 lakh such accounts had been opened across more than 700 bank branches without adherence to prescribed Know Your Customer (KYC) norms, customer due diligence, or initial risk assessment protocols. 'The branch managers of the banks have also failed to conduct Enhanced Due Diligence in respect of certain suspicious transaction alerts generated by the systems. Some of the banks have also failed to send the acknowledgment/ thanking letters to customers to indirectly verify the addresses of the account holders,' the agency noted. The agency further alleged that these actions violated the Reserve Bank of India's Master Circular and internal banking guidelines. 'Accordingly, a First Information Report has been registered for offences of criminal conspiracy, cheating, forgery, use of forged documents as genuine… and also offence of criminal misconduct by bank officials under the Prevention of Corruption Act,' the CBI said. During the searches, the CBI seized incriminating documents, mobile phones, digital evidence, bank account opening forms, transaction records, and KYC documents. The nine individuals arrested include middlemen, agents, account holders, and bank correspondents allegedly involved in facilitating the opening and operation of these mule accounts. Earlier this month, the agency had searched 10 locations across Delhi, Haryana, Uttar Pradesh, and Maharashtra, arresting a person in Mumbai accused of supplying pre-activated SIM cards and mule bank accounts to cybercriminal syndicates. In a related development last month, the agency arrested 11 alleged cybercriminals in two cases. In the first, six individuals were arrested for allegedly defrauding Japanese citizens, following searches at 19 locations in Delhi, Haryana, and Uttar Pradesh. In the second, searches were carried out at 42 locations across Assam, West Bengal, Bihar, Uttar Pradesh, Maharashtra, Telangana, Karnataka, and Tamil Nadu, leading to the arrest of five persons for allegedly selling unauthorised SIM cards being used for various forms of cyber fraud.
NDTV
an hour ago
- NDTV
"They Think It's Flexing. It's...": Dubai-Based CEO's Post About Chartering $20 Million Jet Sparks Debate
A Dubai-based CEO has sparked discussion online after sharing a post about chartering a $20 million private jet. Jonathan Low, CEO of Biptap, clarified that he didn't purchase the jet but only chartered it. "Every time I post a photo, LinkedIn explodes with hate. They think it's flexing - it's not. It's progress," he wrote. He went on to explain that just two years ago, he struggled to afford flights and hotels. First-class travel and global business trips were merely part of his "vision board" back then, he added. "Now? I fly private to make it on time for a meeting. I built this life when I had nothing but a dream. Now I'm living what felt impossible back then. So let them talk. Keep working. Keep building. One day, your discipline will look like luck to everyone who doubted you," Mr Low added. The post quickly went viral online, with several people flooding the comments section with mixed responses. While some praised the CEO for his inspiring journey, others questioned the need to travel by private jet when meetings can be done online. "Paying 1000s for a private charter for a meeting is crazy. Zoom is free, and if absolutely necessary, pay a few hundred bucks and fly coach," wrote one user. "Astonishing that tech founders aren't the foremost users of virtual meeting technology. Private flights are not progress; they're contributing to climate breakdown and jeopardising the viability of your business. Keep building by all means-but build your legacy, build a sustainable future, not your own carbon footprint," commented another. However, one user praised the CEO, saying, "It's a testament to how hard work and perseverance can transform visions into reality. Keep pushing boundaries and proving that success is attainable with the right mindset." "Good for you-proof that focus and perseverance can take you anywhere," commented another. "This is what it looks like when consistency compounds. It always sounds like bragging to the people who gave up halfway," said one user.
Hindustan Times
an hour ago
- Hindustan Times
Highways Minister Nitin Gadkari trashes claims on two-wheeler toll tax. Here's what he said…
There is no plan to implement a toll tax on two-wheelers, clarifies the minister. Check Offers Multiple news reports have been floating around on the implementation of a toll tax for two-wheelers on highways. However, the Minister of Road, Transport and Highways, Nitin Gadkari, has recently cleared the air by negating these claims. The Minister made the clarification through a post on the social media platform, X. In his post, the Minister quoted, 'Some media houses are spreading misleading news about imposing toll tax on two-wheelers. No such decision is proposed. Complete exemption from toll for two-wheelers will continue. Creating sensation by spreading misleading news without knowing the truth is not a sign of healthy journalism. I condemn this." Also Read : Gadkari pushes for energy independence with hydrogen, ethanol and biogas plans FASTag Annual Pass launched at ₹ 3,000 The central government has recently also announced the new FASTag-based annual pass priced at ₹ 3,000. Minister of Road Transport and Highways (MoRTH) Nitin Gadkari revealed more details about the annual pass, which aims to make cross tolls more seamless across the country. The FASTag-based annual pass will be effective from August 15, 2025, and will be valid for one year from the date of activation or up to 200 trips, whichever comes first. The FASTag-annual pass will be available only for non-commercial private vehicles, essentially, private vehicle owners. Gadkari further revealed that a dedicated link for activation and renewal will be made available on the Rajmarg Yatra app, as well as on the NHAI and MoRTH official websites. Also Read : Govt makes 12.55 lakh refunds for faulty National Highway toll collections in 2024, says Nitin Gadkari Nitin Gadkari further said, 'This policy addresses long-standing concerns regarding toll plazas located within a 60 km range and simplifies toll payments through a single, affordable transaction. By reducing wait times, easing congestion, and minimising disputes at toll plazas, the Annual Pass aims to deliver a faster and smoother travel experience for millions of private vehicle owners." Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape. First Published Date: 26 Jun 2025, 16:22 PM IST
