The FCDO’s role in blocking foreign asset stripping in the UK

Foreign Affairs Committee Closed Inquiry
Opened: 7 Apr 2020 Closed: 28 Apr 2022 Parliament page
This inquiry will examine how the FCDO assesses whether a potentially hostile party is seeking to secure significant influence or control over a UK company and in what circumstances the FCDO should intervene. The Committee will also focus on what safeguards are required in the forthcoming National Security and Investment … Read more
14 Recommendations
4 Conclusions
3 Reports
8 Oral sessions
17 Letters
8 Events
Activity timeline 31 events
28 Apr
2022
Report published
5 Apr
2022
Report published
12 Jan
2022
Correspondence
25 Oct
2021
Report published
28 Jul
2021
Correspondence
15 Jul
2021
Correspondence
14 Jul
2021
Report published
7 Jul
2021
Correspondence
9 Jun
2021
Correspondence
23 Mar
2021
Oral evidence
26 Feb
2021
Report published
23 Feb
2021
Oral evidence
Oral evidence sessions 8 sessions
23 Mar 2021
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Foreign Affairs Committee
Chris Rampling · Foreign, Commonwealth and Development Office Jacqui Ward · Department for Business, Energy and Industrial Strategy Paul Scully Rt Hon James Cleverly Sarah Mackintosh · Department of Business, Energy and Industrial Strategy
23 Feb 2021
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Foreign Affairs Committee
Dr Ashley Lenihan · Georgetown University Michael Formosa · Renaissance Strategic Advisors Paddy McGuinness · Brunswick
1 Dec 2020
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Foreign Affairs Committee
Christopher Mackmurdo · Legatus Hazel Moore · FirstCapital Russ Shaw · Global Tech Advocates & Tech London Advocates Sophia Gaston · British Foreign Policy Group
24 Nov 2020
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Foreign Affairs Committee
Andy Sellars · Compound Semiconductor Catapult Roger Barker · Institute of Directors Roger Barron · Paul Hastings Veronica Roberts · Herbert Smith Freehills
3 Nov 2020
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Foreign Affairs Committee
Azeem Azhar Grace Cassy · CyLon Ventures Professor Nick Jennings Professor Shaowei He
13 Oct 2020
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Foreign Affairs Committee
Matthew Rous · China-Britain Business Council Professor Ciaran Martin · Blavatnik School of Government, University of Oxford Professor Deeph Chana · Institute for Security Science and Technology, Imperial College London Ting Zhang · Crayfish.io
8 Sep 2020
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Foreign Affairs Committee
Chris Cummings · The Investment Association Elisabeth Braw · Atlantic Council John Fingleton · Fingleton Professor Jeffrey Henderson · University of Bristol
5 May 2020
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The FCO’s role in blocking foreign asset stripping in the UK
Dr Ron Black · Imagination Technologies John Rayfield · Imagination Technologies Ray Bingham · Imagination Technologies Sir Hossein Yassaie · Imagination Technologies
Recommendations & Conclusions
5 results
Clear
1 Recommendation Accepted
Third Report - Sovereignty for sal…
The takeover of Newport Wafer Fab by Nexperia represents the sale of one of the...
The takeover of Newport Wafer Fab by Nexperia represents the sale of one of the UK’s prized assets to a strategic competitor, at a time when global chip shortages means that the products manufactured by NWF are of vital national … Read more
Government Response
The government notes the recommendation, states it prioritises national security, and confirms the National Security Adviser is currently conducting a review into the acquisition of Newport Wafer Fab by Nexperia. Further comment is deferred until the review concludes.
Foreign, Commonwealth & Development Office
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5 Recommendation Accepted
Third Report - Sovereignty for sal…
For the FCDO to add value to the NSI regime, it will be important that...
For the FCDO to add value to the NSI regime, it will be important that the Department has the necessary skills, expertise and structures to effectively support the ISU. If the Government continues to behave in the same ways and … Read more
Government Response
The government agrees that the FCDO has a key role and states a dedicated FCDO team has been established to support the ISU, raise awareness, and build capability. They are actively identifying and securing necessary short and long-term capabilities.
Foreign, Commonwealth & Development Office
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6 Recommendation Accepted
Third Report - Sovereignty for sal…
The FCDO should demonstrate leadership on the foreign relations aspects of foreign investment decisions.
The FCDO should demonstrate leadership on the foreign relations aspects of foreign investment decisions. Supporting the ISU’s work in this area is a key responsibility of the FCDO. It will be vital that the Department has the right expertise both … Read more
Government Response
The government agrees with the FCDO's leadership role in foreign investment decisions and has established a dedicated FCDO team to support the ISU, raise awareness, and build FCDO capability in this area, both in the UK and overseas.
Foreign, Commonwealth & Development Office
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7 Recommendation Accepted
Third Report - Sovereignty for sal…
We support the Government’s decision to keep the NSI Act agnostic of geography or type...
We support the Government’s decision to keep the NSI Act agnostic of geography or type of actor, so that investments are judged on a case-by case rather than country- 30 Sovereignty for sale: the FCDO’s role in protecting strategic British … Read more
Government Response
The government accepted the recommendation, stating that FCDO will contribute its expertise and assessment of foreign governments' strategic intent to inform NSI screening and assessment processes.
Foreign, Commonwealth & Development Office
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9 Recommendation Accepted
Third Report - Sovereignty for sal…
Given the complex and transnational nature of the global investment landscape, the UK cannot operate...
Given the complex and transnational nature of the global investment landscape, the UK cannot operate alone on this matter. The Government should cooperate on FDI screening with other countries with whom we share values and strategic objectives. We recommend that … Read more
Government Response
The government states that the FCDO already works closely with several like-minded countries, promotes its work internationally, and cooperates with Five Eyes and G7 partners on investment security.
Foreign, Commonwealth & Development Office
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Government Response AI assessment · 18 of 14 classified
Accepted 5
Accepted in Part 2
Acknowledged 5
Deferred 2
Not Addressed 1
Rejected 3
Total 14 recs + 4 conclusions
Correspondence 17 letters
12 Jan 2022 Correspondence with the National Security Adviser relating to the acquisition of Newport Wafer Fab by Nexperia, dated 17/12/2021 and 08/12/2021
Parliament page
28 Jul 2021 Correspondence with the Secretary of State for Business, Energy and Industrial Strategy relating to Newport Wafer Fab, dated 22/07/2021 and 13/07/2021
Parliament page
15 Jul 2021 From committee Letter to the Prime Minister relating to the takeover of Newport Wafer Fab, dated 13/07/2021
Parliament page
7 Jul 2021 Correspondence with the Secretary of State for Business, Energy and Industrial Strategy relating to the takeover of Newport Wafer Fab, dated 30/06/2021 and 18/06/2021
Parliament page
9 Jun 2021 Correspondence with the Secretary of State for BEIS on Newport Wafer Fab and the National Security and Investment Act, dated 28/05/2021 and 20/05/2021
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27 Jan 2021 Correspondence with the Danish Ministry of Foreign Affairs regarding national security implications of technology, dated 15/12/2020 and 21/01/2021
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18 Nov 2020 To committee Letter from the Secretary of State for Business, Energy and Industrial Strategy relating to the Government’s proposed reforms on national security and investment, dated 11/11/2020
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18 Nov 2020 To committee Letter from the Economic Secretary to the Treasury relating to Action 19 of the Economic Crime Plan, dated 11/11/2020
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18 Nov 2020 Correspondence with the Foreign Secretary and the Secretary of State for Business, Energy and Industrial Strategy relating to regulations under the Enterprise Act 2002 (also published as BFA0022), dated 9/11/2020 and 15/10/2020
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1 May 2020 Correspondence from Foreign Secretary regarding Imagination Technologies Group, dated 30/04/2020
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1 May 2020 Correspondence from Imagination Technologies evidence to inquiry on asset stripping, dated 30/04/2020
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14 Apr 2020 Correspondence from Canyon Bridge on Imagination Technologies, dated 13/04/2020
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11 Apr 2020 Correspondence to the CEO of Imagination Technologies, dated 8/4/2020
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11 Apr 2020 Correspondence to Canyon Bridge on Imagination Technologies, dated 8/04/2020
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11 Apr 2020 Correspondence to the Secretary of State DCMS on Imagination Technologies, dated 09/04/2020
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11 Apr 2020 Correspondence to the Prime Minister on Imagination Technologies, dated 3/04/2020
Parliament page
7 Apr 2020 Correspondence to Imagination Technologies on board membership, dated 7/04/2020
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