Rio Tinto Investigating Allegations of Corruption.

An American/Australian mining company is investigating allegations of corruption at its copper mine in Mongolia. According to a report on mining.com (a website covering the mining industry), Rio Tinto is investigating procurement-related corruption at the Oyu Tolgoi Mine, which it and the Mongolian government jointly own. According to a Reuters report, earlier this year, Rio Tinto agreed to pay a $135 million fine to a group of investors who sued the company over defrauding investors regarding the expansion of Oyu Tolgoi. The two hedge funds, Pentwater and Turquoise Hill, that owned stakes in Rio Tinto at the time believed that, despite Rio Tinto’s assurances that the mine was on schedule and budget, the mine renovation was actually over budget by $1.9 billion. It is unclear what will happen next, but this will be a significant financial blow for the company.

Australia’s National Anti-Corruption Commences Operations.

Last week the National Anti-Corruption Commission (NACC) came into existence. Creating a more robust Anti-Corruption body was a significant priority of the new Labour government under Prime Minister Anthony Albanese. According to ABC News (Australia), the NACC will investigate “Serious and Systemic” Corruption. The NACC will also be open to anyone who believes they have evidence of potential corrupt behavior. According to an article in Nine News, 300 online referrals and 100 phone calls detailing possible malfeasance have been submitted.

One of the most high-profile cases so far involves the accounting firm PWC. According to a report by Yahoo, PWC is alleged to have shared confidential tax details from the Australian treasury as a way to increase business. A senator for the Green Party, Barbara Pococok, filed a referral to the NACC because she felt that the Australian tax office and the Australian federal police, as well as PWC, have serious questions to answer. A report in WAtoday.com says that the Green Party is only getting started, and they plan to make more NACC referrals. Unlike other Western countries, Australia is serious about rooting out societal corruption.

Australian National Anti-Corruption Commission Enacted.

I recently wrote about the Australian Parliament enacting new Anti-Corruption legislation. This is my original article https://app.legislata.com/posts/33182/detail.

Recently, The Australian Parliament enacted a law allowing the National Anti-Corruption Commission to be created. According to the statement released online by the Office of the Prime Minister, the main aims of the commission are to investigate corruption in Australia within the public sector. This new body will also be able to investigate previous allegations of corruption before the commission begins. The commission will also be able to hold public hearings in exceptional situations. Work will start in the middle of next year.

A New Anti- Corruption Task Force in Australia?

The recently elected Labor government (similar to the Democrats in the U.S), led by Prime Minister Anthony Albanese, is planning to introduce new anti-corruption legislation. The main goal of this legislation is to set up a federal task force to oversee any anti-corruption investigations. In recent years, there have been several high-profile corruption scandals, including one involving a labor member of Parliament who accepted money from Chinese donors six years ago. According to Peter Hartcher of the Sydney Morning Herald, polling in Australia suggests that the public wants stronger A-C laws. Although bodies already exist at the state level in Australia dealing with this issue, this new legislation will be national. However, despite Albanese’s pledge to enact the law by the end of the year, there are signs that it could be held up by cross-bench members of Parliament who want an in-depth debate of the bill before enacting it. Its passage has also been held up by the passing of the Queen, which has caused Parliament to go into recess.