US issues first outbound investment fine over Chinese robotics AI deal
2 Articles
2 Articles
US issues first outbound investment fine over Chinese robotics AI deal
The US Treasury on Wednesday announced its first penalty under rules governing American investment in sensitive Chinese technologies, revealing a US$200,000 fine against the parent of Plug and Play Tech Centre for failing to report an investment in a Shanghai robotics AI company. The Treasury said on Wednesday that Amidi, LLC failed to submit a required notification after its Chinese fund subsidiary invested around US$92,478 in Shanghai Qiongche…
The first penalty announced under the U.S. outgoing investment security program reaches Amidi, the parent of Plug and Play Tech Centre, for not reporting an investment in a robotics company with Shanghai AI. The fine amounts to $200,000, compared to an approximate investment of $92,478.
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