Reports are emerging that are suggesting that any political figures and advisers who profit by helping the Chinese target British businesses are to be investigated by MPs. This is amid growing fears that Beijing is using the cover of COVID-19 to advance some of its commercial interests. This move comes after a Chinese backed company mounted an attempted coup at ‘Imagination technologies’ which is a UK firm which designs graphic chips for apple.
These fears were initially reported by UNN’s Carl D. Pearson on the 12th of April.
Farage warns that hostile Chinese take-overs of British businesses must be stopped
‘Imagine technologies’ was sold to a private equity business called Canyon Bridge Capital Partners in 2017 for £550million. This was a deal approved by Theresa May’s Government on the basis that the company would remain subject to US laws. However, this did not happen, the organisation then relocated its head office to the Cayman Islands which is outside Us jurisdiction.
Only last week a number of senior MPs sounded the alarm after China Reform Holdings, the Beijing-backed lead investor in Canyon Bridge, tried to take control of the firm. This move as sparked fears that it planned to transfer the ownership of intellectual property to China. Tom Tugendhat who is the Conservative party chairman of the Foreign affairs Committee has written in today’s Mail on Sunday “too frequently, we’ve seen those who once wrote the rules and negotiated agreements to protect us, and some who still sit in our Parliament, selling the tricks they learned in Government”.
It is understood that the Cabinet Office is considering beefing up the upcoming ‘National security Investment Bill’ in order to give the Government more powers to block deals that threaten national interests.
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Current Affairs Correspondent | My name is Oliver Down I am 22, and a staunch brexiteer. I am a Bristolian lad who studied politics in Leicester. I believe in free speech and accurate journalism and I won’t be afraid to give you “the other side” of the story!
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