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 s...