Northern Minerals sends bombshell report to ASX

Sky News Business Editor Ross Greenwood says Northern Minerals has sent a “bombshell report” to the ASX seeking a deferral of its annual general meeting.
Mr Greenwood says it is because the Foreign Investment Review Board is to investigate whether “recent share purchases have been a covert attempt by a Chinese company to take control of it”.
“Earlier this year, the Treasurer prohibited the Chinese Yuxiao Fund from buying almost 10 per cent of Northern Minerals Shares - it would have taken its ownership to 19.9 per cent,” Mr Greenwood said.
“Ahead of the annual meeting, Yuxiao was pushing for another board representative called Wu Tao.
“The company says this would give Yuxiao the power to exert a direct influence on the management.
“It said Wu’s potential board seat should also be investigated by the FIRB - and that it believes Wu controls Yuxiao.”

[@ricky6864]

They should be banned from any investments, housing and land as well.
Unfortunately politicians and bureaucrats get to much in kickbacks

[@ianenglish123]

This is Dr Chalmers standing up Chinese ownership. Dutton or Taylor would have approved the sale outright and thrown in free first class travel.