Reporting American legislators are the heads of JPMorgan Chase and Bank of America for their role in the initial public offer (IPO) of a global Chinese battery supplier.
The legislators demand JPMorgan Chase CEO Jamie Dimon and Bank of America boss Brian Moynhan produce documents related to the Hong Kong Listing of Contemporary Amperex Technology (Catl), which supplies batteries to Tesla and other electric vehicle makers, reports the Wall Street Journal.
The politicians who set the demands of the two American banks serve in the Select Committee of the Chinese Communist Party of the House of Representatives, which focuses on the national security threat of China.
In April, the conference committee insisted on JPMorgan and Bank of America to cease their involvement in the mention of Catl, because the US Department of Defense (DOD) added to the list of ‘Chinese military companies’, and the committee warned of ‘serious regulatory, financial and reputation risks’ if they did not.
Despite the warning, JPMorgan and Bank of America helped to endorse Catl’s IPO.
Says rep. John Moolenaar (R-Michigan), the committee chairman, in the summons,
“The leading role of CATL in the production of batteries-a sector that is explicitly focused on the state-driven merger policy of China in the significant American investors and national security risks by the state of military civil forms.”
The committee says in its summons that the banks have not provided any previously requested information about the IPO issue.
In the meantime, Dimon defended Catl’s IPO in an interview from Mei on Bloomberg TV.
“We and other investment banks did a lot of due diligence about all the problems that people raised. If we thought it was wrong, we wouldn’t do it.”
In the meantime, a Bank of America spokesperson says that the bank will continue to work with the committee.
Contemporary Amperex technology says in his public documents that he believes that the DOD has added it incorrectly to the list and “with Dod is involved to tackle the false designation.”
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