US security concerns force Cosco-owned Orient Overseas to sell Long Beach port in California 30 Apr, 2019
Sale of Hong Kong-based firm that had run the terminal for three decades to Chinese state-owned Cosco in 2017 raised concerns among US security agencies
A Hong Kong-based company has been forced to sell its American container port after the US government raised security concerns about its parent being a Chinese state-owned shipping giant.
Orient Overseas (International), which is majority-owned by Cosco Shipping Holdings, will sell off its entire interest in Long Beach Container Terminal in California for US$1.78 billion (HK$13.97 billion) in cash, according to a stock exchange filing on Tuesday morning.
The sale to a US infrastructure fund is the fulfilment of a national security agreement signed last year and is expected to net OOIL a profit of US$1.29 billion (HK$10.15 billion), the company said in the announcement.
OOIL, founded as a shipping and logistics business in 1969 by the family of former Hong Kong Chief Executive Tung Chee-hwa, has owned the Long Beach port for more than three decades.
But its sale to Cosco in July 2017 for HK$49.23 billion raised a red flag with US security agencies, which were unhappy with the idea of a state-owned firm taking indirect ownership of a major port. Cosco now owns 75 per cent of OOIL.
After lengthy negotiations, OOIL and Cosco signed the agreement with the US Departments of Homeland Security and jJustice, promising to sell the terminals to “a suitable, unrelated third party” deemed “acceptable” to the US department.
And thanks to Hitlary Clinton and her corrupt to the core Clinton Foundation, the Port of Canveral is now under full control of the UAE. As SOS, the Wicked Witch enriched herself while O-Bomba looked the other way. Barr needs to investigate this as well!
UAE-based company signs 35-year cargo deal at Port Canaveral
The Real Russia Story: Port Canaveral “Project Pelican” and Uranium One deals connected through the Jafars
Clintons tied to Gulftainer “Project Pelican” deal and to Uranium One deal
Bill and Hillary Clinton and the Clinton Foundation are tied to both Gulftainer’s “Project Pelican” deal and to the Uranium One deal.
Breitbart reported on October 17, 2017:
“Hillary Clinton’s State Department was one of eight agencies to review and sign off on the sale of U.S. uranium to Russia. However, the then-Secretary of State Clinton was the only agency head whose family foundation received $145 million in donations from multiple people connected to the uranium deal, as reported by the New York Times.”
As previously reported, Bill Clinton co-chairs the Dubai-based Business Backs Education program alongside Crescent Petroleum CEO Majid Jafar. Business Backs Education is funded by the Varkey GEMS Foundation.
According to the Varkey Foundation website:
“The Varkey GEMS Foundation has helped to facilitate more than 2,300 commitments through the Clinton Global Initiative to date. Upon funding and implementation, these commitments will have a total value of over $70 billion.”
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