Obama blocks Chinese company from buying Oregon wind farms

[BanzaiBonnie]

WASHINGTON (AP) — Citing national security risks, President Barack Obama on Friday blocked a Chinese company from owning four wind farm projects in northern Oregon near a Navy base where the U.S. military flies unmanned drones and electronic-warfare planes on training missions.

It was the first time in 22 years that a U.S. president blocked such a foreign business deal.

In his decision, Obama ordered Ralls Corporation, a company owned by Chinese nationals, to divest its interest in the wind farms it purchased earlier this year near the Naval Weapons Systems Training Facility in Boardman, Ore.

The case reached the president's desk after the Committee on Foreign Investments in the United States, known as CFIUS, determined there was no way to address the national security risks posed by the Chinese company's purchases. Only the president has final authority to prohibit a transaction.



http://www.katu.com/news/business/Obama-blocks-Chinese-from-buying-Ore-wind-farms-citing-security-concerns-Ralls-171828851.html