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Old 9th Jul 2021, 01:49
  #202 (permalink)  
AerialPerspective
 
Join Date: Jul 2009
Location: Australia
Posts: 340
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Originally Posted by MickG0105
That's not a proper interpretation of the Treasurer's powers under the Foreign Acquisitions and Takeovers Act 1975, the Foreign Acquisitions and Takeovers Fees Impositions Act 2015 and their associated regulations. Airlines fall under the heading of 'sensitive businesses' which means that the Treasurer's approval is required for any transaction involving any foreign investor acquiring a 'substantial interest' (20 per cent or more) of any Australian-registered airline that is valued above $275 million.

Just because approval was given for a US-based company to acquire 100 per cent of a sensitive business that doesn't obviate the requirement for subsequent acquisitions to have to be approved.
True, but it's only as strong as the imbecile who is the Treasurer - Mr 'All tip and no iceberg' Costello blithely approved of the sale to APA of Qantas - even after journalists had pinned down APA and they'd reluctantly admitted that their plan for Qantas included emptying its bank accounts and stripping it of assets, loading it to the ceiling and beyond with debt then hoping that it trades its way out before flogging it off (if it still existed).

Well done Mr Costello - one investor saved the transaction from going through and APA itself collapsed months later.

Costello is from the same shower of ****e that sold the Port of Darwin under a 99 year lease to a Chinese company with links to the CCP - didn't even tell the yanks who use the port as part of joint defense arrangements.

So, I won't be holding my breath waiting for the actual national interest to be served, more likely personal interest - the 'Minister' that approved the DRW Port sale now allegedly draws a salary of $800K PA from the company that bought it.
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