Future Fund exposed to dangerous Chinese investments with links to human rights abuses and national security threats, audit finds (web.archive.org)

submitted 1 year ago by 0x815@feddit.de to c/australia@aussie.zone

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According to an audit conducted by opposition senator James Paterson in August, the $200 billion sovereign wealth fund first forayed into Chinese markets in 2007, but its investment exposures grew as China developed into a critical financial market.

Stakes in over 50 Chinese companies associated with the People's Liberation Army, involved in the oppression of Uyghurs in Xinjiang, and invested in sanctioned nations such as Russia, Iran, and North Korea.

Several of the audited companies have faced international censure, including being barred from businesses in North American and European markets, mandated by Canada to relinquish some critical mineral investments, delisted in the US for audit non-compliance, fined for breaching money laundering laws, and penalised for not reporting hazardous products and violating US sanctions.

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[-] min0nim@aussie.zone 1 points 1 year ago

There’s a mouthful. Free market except when….

this post was submitted on 08 Nov 2023

6 points (87.5% liked)

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