SYDNEY/HONG KONG (Reuters) – Australia announced the biggest shakeup of its foreign investment laws in almost half a century on Friday, including giving the government the power to force the sale of a business if it creates a national security risk. An Australia Dollar note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration Citing the need to balance economic and national security, Treasurer Josh Frydenberg said all foreign investors will face greater scrutiny when bidding for sensitive assets, regardless of the size of the deal and whether the buyer is private or state-owned. “Technology has been evolving and our geopolitical climate has become more complex,” Frydenberg said in Canberra. “In fact, the world over, governments are seeing foreign investment being used for strategic objectives not purely commercial ones.” In one major change, the Treasurer will be given a last-resort power to vary or to impose conditions on a deal or force a divestment after the deal has been approved by the Foreign Investment and Review Board (FIRB). A Treasury document said the power would not be retrospective. Prime Minister Scott Morrison said compliance would also be tightened, with the government to spend an additional $50 million on… Read full this story
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