The US Securities and Exchange Commission is investigating Boeing's links to Los Angeles start-up Global IP, which is backed by Chinese lender China Orient Asset Management. Boeing has said it will not comment on the investigation. US law prohibits the selling of satellites to China. Shortly after the WSJ story was published, Boeing said it had scrapped the contract, and the Commerce Department’s Bureau of Industry and Security revoked Boeing's export licence.
The US Securities and Exchange Commission is investigating Boeing's links to Los Angeles start-up Global IP, which is backed by Chinese lender China Orient Asset Management. The inquiry follows a report in December by the Wall Street Journal about a contract between Global IP and Boeing to build a satellite, which it was feared could later come under Chinese military control. US law prohibits the selling of satellites to China. Shortly after the WSJ story was published, Boeing said it had scrapped the contract, and the Commerce Department’s Bureau of Industry and Security revoked Boeing's export licence.