Today I have taken action in the Federal Court of Australia against Indian Ocean International Shipping and Service Company Ltd (Indian Ocean) and its former associate for not complying with Australia's foreign investment law.
Foreign investors in Australia are required to follow Australian law.
We are doing what is necessary to protect the national interest and the integrity of our foreign investment framework.
On 2 June 2024, I issued Disposal Orders directing five foreign investors, including Indian Ocean, to dispose of shares in Northern Minerals Limited (Northern Minerals) to persons who were not their associates, by 2 September 2024.
The Disposal Order was issued to Indian Ocean to address risk to national security posed by its acquisitions of shares in Northern Minerals, which is an important Australian critical minerals company.
This is the first case to be brought by a Treasurer before the Federal Court for an alleged breach of the foreign investment laws.
In May 2024 I announced reforms to strengthen and streamline Australia's foreign investment framework to ensure foreign investment is in our national interest.
Through the proceedings, I am seeking penalties, declarations, and costs. The Federal Court will make the court filings available in due course.
