Northern Minerals (ASX:NTU) said the Federal Court of Australia levied a fine of AU$10 million on Indian Ocean International Shipping and Service as well as a fine of AU$4 million on its sole director and shareholder, Jing Tian, for contraventions of the Foreign Acquisitions and Takeovers Act, according to a Tuesday Australian bourse filing.

The court declared that Indian Ocean's disposal of its over 168 million shares in Northern Minerals to Tian contravened the law. It also said that Tian was knowingly concerned in those contraventions in breach of the law. Northern Minerals was not a party to these proceedings.

The proceedings came after a regulatory investigation and action by the Australian authorities after Northern Minerals' original referral of certain matters to the Foreign Investment Division of the Department of Treasury in October 2023.

Its shares rose 3% in recent trading on Tuesday.