FBI Investigating Chinese Funding of California Plane Maker: Report

Federal authorities are investigating Chinese investment in a California-based plane maker after shareholders alleged that the firm’s technology was being transferred to China, The Wall Street Journal reported.

The FBI and the Committee on Foreign Investment in the U.S. (CFIUS) have launched separate reviews of Chinese investment in small plane manufacturer Icon Aircraft Inc., according to the WSJ, which cited company documents and people familiar with the matter. The authorities are investigating allegations that technology from the company with military applications was transferred to China.

The investigation follows a lawsuit filed in June 2021 by a group of minority shareholders, including former Boeing CEO and chairman Phil Condit, who alleged that Pudong Science and Technology Investment Co. (PDSTI), a Chinese firm which owns 47% of Icon’s shares, was exploiting the company for its technology’s military applications to the detriment of the firm’s bottom line.

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Committee on Foreign Investment May Not Be Able to Handle Its Exploding Caseload

by Riley Walters   The Committee on Foreign Investment in the U.S. is often compared to a black box. Investors may be aware of what it does, but few know what really goes on inside. The nine members of the committee, drawn from various federal agencies, are in charge of…

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