Schumer vows wider probe of Chinese Wanda conglomerate
Incoming Senate Minority Leader Chuck Schumer wants the U.S. government to exert closer scrutiny of China’s Dalian Wanda Group, an entertainment conglomerate with ties to the Communist government in Beijing, the Wall Street Journal reported Thursday.
The Group has been on a buying binge in the past few years, snapping up American and European movie-theater chains and other entertainment properties. Earlier this fall, it announced plans to acquire Dick Clark Productions, a television production company based in Santa Monica, California.
“I am concerned that these acquisitions reflect the strategic goals of China’s government,” Mr. Schumer wrote to Treasury Secretary Jack Lew and U.S. Trade Representative Michael Froman, reported the Journal, which had obtained a copy of the letter.
“You can be certain that the new Congress in 2017 will work on legislation to further expand CFIUS oversight authority,” he added, referring to the Committee on Foreign Investment in the United States, a Treasury Department office that scrutinizes foreign purchase of U.S. companies for potential risks to national security.