The U.S. Securities and Exchange Commission and the Commerce Department are investigating Boeing Co.’s relationship with a satellite startup backed by a Chinese government-owned firm, following an article by The Wall Street Journal on the matter last month. In a letter to the Los Angeles-based startup Global IP, the SEC requested that the company retain all documents about its work with Boeing and a number of other individuals and entities, including state-owned Chinese lender China Orient Asset Management Co. ...
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.