2007 Bain Capital agrees to security review (ties to Iraq?)
Bain Capital agrees to security review
Posted 10/3/2007 7:11 PM | Comment | Recommend E-mail | Print |
By Donna Borak, AP Business Writer
WASHINGTON — Bain Capital Partners on Wednesday said it will submit for a national security review its proposed $2.2 billion buyout of networking equipment maker 3Com Corp.
...
In a statement, Bain Capital, a Boston-based private equity firm, said "we believe the U.S. government review in this matter will conclude that the company will be firmly controlled by an American firm, have only a small minority foreign shareholders, and the deal presents no risks to national security."
...
Huawei has encountered controversy in the past. In 2001, before the September 11 terrorist attacks, a Huawei executive denied U.S. government allegations that the company was helping Iraq rebuild its bomb-damaged military communications network, in violation of United Nations' sanctions.
Earlier this year, Kalimat Telecom, a state-run Iraqi telecom company, awarded Huawei a $275 million contract to build a nationwide wireless network for the government and Iraqi businesses and consumers.
Meanwhile, the company agreed in October 2003 to modify some of its products after a Texas judge ordered Huawei to stop illegally using patents of Cisco Systems, which had filed a patent infringement lawsuit against the company earlier that year.
http://www.usatoday.com/money/economy/2007-10-03-3521753569_x.htm
