wni t.o of brm a nasty precedent

I think the government including the FIRB must regret the decision to allow WNI (in the first instance) to acquire both BRM & FRS though the Trojen Horse Dunny Roll scheme (scam). They hadn't thought of the consequences and didn't want to piss off the ChaiLese after the Chinalco snub.

But since the horse has bolted, the FIRB had little choice but to grant the latest approval for WBI to complete the takeover on the basis that WNI is a private entity (my arse).

We all remember Chinalco was barred from taking over Hammersley when Wayne Swan kept extending the FIRB review period in order for RIO to raise capital in an improving market as well as announcing the Iron Ore JV with BHP.

At the time, I thought the BHP-RIO JV was a Red Herring just to keep the Chinese at arms length - indeed that's what it was as it could never clear the European anti-competitive ruling.

Now, unlike Sundance (with mines in distant Africa), BRM resources (more and more resources are being proved up) are in the heart of the Pilbara. I think it would be in Australia's interest (via ASIC) to frustrate or shoot down the WNI deal upon concrete evidence of violation of disclosure rules, malpractices or other irregularities.