Political figures and Adivisors under investigation over claims they helped China acquire UK companies struggling during the Coronavirus crisis

Investigations are underway into allegations that some political figures and advisors to the UK government profited by helping the Chinese regime to acquire companies in financial problems due to the coronavirus.

THE move comes after it was discovered that a China-backed company mounted an attempted buy-out for Imagination technologies, a UK firm that designs graphic chips for Apple.

The company was sold to private equity business Canyon Bridge Capital Partners in 2017 for £550 million in a deal approved by Theresa May’s government on the basis that the company would remain subject to US laws.

Peter Mandelson is Co-founder and Chairman of Global Counsel.

He (Peter Mandelson) is a former European Trade Commissioner and British First Secretary of State. As Trade Commissioner between 2004 and 2008, he negotiated trade agreements with many countries and led European negotiations in the WTO Doha World Trade Round.

It is understood that there is correspondence linking Global Counsel, the public affairs company chaired by Peter Mandelson, to Canyon Bridge.

However, the organisation later moved its head office to the Cayman Islands – outside US jurisdiction. Last week, senior MPs sounded the alarm after China Reform Holdings, the Beijing-backed lead investor in Canyon Bridge, tried to take control of the firm – amid fears it planned to transfer the ownership of intellectual property to China.

The investigation continues…

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Tony Winterburn

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