No Investigation of OZ Minerals Deal, Police Say
The Australian Federal Police (AFP) have decided not to investigate the Australian mining company OZ Minerals, saying information that the firm paid hundreds of thousands of dollars to family members of officials in the Ministry of Industry, Mines and Energy (Mime) when buying out its partner in 2009 was “insufficient” to merit investigation. In May 2011, documents showed that OZ Minerals paid a total of $1.15 million to four women shareholders – each related to government officials – who had been added to the board of Shin Ha Mining Co., a firm founded in 2005 by South Korean investor Wujin Park. Shin Ha was in a joint venture agreement with OZ Minerals at the time of the sale, meaning that the relatives of the government official reaped a windfall when OZ Minerals bought out its smaller partner. …
