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
View on parliament.uk
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
View on parliament.uk
Foreign Affairs Committee
Dr Ashley Lenihan · Georgetown University Michael Formosa · Renaissance Strategic Advisors Paddy McGuinness · Brunswick
1 Dec 2020
View on parliament.uk
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
View on parliament.uk
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
View on parliament.uk
Foreign Affairs Committee
Azeem Azhar Grace Cassy · CyLon Ventures Professor Nick Jennings Professor Shaowei He
13 Oct 2020
View on parliament.uk
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
View on parliament.uk
Foreign Affairs Committee
Chris Cummings · The Investment Association Elisabeth Braw · Atlantic Council John Fingleton · Fingleton Professor Jeffrey Henderson · University of Bristol
5 May 2020
View on parliament.uk
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
3 results
Clear
3 Recommendation Rejected
Sixth Report: Striking the balance…
We recommend that the new legislation should be as clear as possible about what may...
We recommend that the new legislation should be as clear as possible about what may or may not constitute a national security risk in the context of foreign investment. Failure to provide greater clarity would be likely to have significant … Read more
Government Response
The government rejects providing a definition of ‘national security’ in the Bill, stating this is deliberate to allow for rapid responses to evolving technological, economic, and geopolitical risks.
Foreign, Commonwealth & Development Office
View details
8 Recommendation Rejected
Third Report - Sovereignty for sal…
We recommend that 10 percent of Investment Security Unit staff should be secondees from FCDO,...
We recommend that 10 percent of Investment Security Unit staff should be secondees from FCDO, to ensure that FCDO expertise can be drawn upon on a day-to-day basis. (Paragraph 44) Cooperation with like-minded partners and allies
Government Response
The government rejects the specific recommendation to mandate 10% FCDO secondees, stating it is not necessary as the ISU already draws on relevant expertise across government and FCDO has a dedicated team for coordination.
Foreign, Commonwealth & Development Office
View details
12 Recommendation Rejected
Third Report - Sovereignty for sal…
We recommend that the Chairs of the Foreign Affairs Committee, Intelligence and Security Committee and...
We recommend that the Chairs of the Foreign Affairs Committee, Intelligence and Security Committee and Science and Technology Committees are also provided with private briefings on the activities of the ISU on Privy Council terms, to ensure that Government decisions … Read more
Government Response
The government believes the BEIS Select Committee is the primary body for ISU oversight and will ensure other relevant committees are appropriately informed, but does not accept the recommendation for specific private bi-annual briefings for the named committee chairs.
Foreign, Commonwealth & Development Office
View details
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
Parliament page
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
Parliament page
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
Parliament page
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
Parliament page
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
Parliament page
1 May 2020 Correspondence from Foreign Secretary regarding Imagination Technologies Group, dated 30/04/2020
Parliament page
1 May 2020 Correspondence from Imagination Technologies evidence to inquiry on asset stripping, dated 30/04/2020
Parliament page
14 Apr 2020 Correspondence from Canyon Bridge on Imagination Technologies, dated 13/04/2020
Parliament page
11 Apr 2020 Correspondence to the CEO of Imagination Technologies, dated 8/4/2020
Parliament page
11 Apr 2020 Correspondence to Canyon Bridge on Imagination Technologies, dated 8/04/2020
Parliament page
11 Apr 2020 Correspondence to the Secretary of State DCMS on Imagination Technologies, dated 09/04/2020
Parliament page
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
Parliament page