Page:ISC-China.pdf/154

CHINA While some, including the Chair of the (then) Business, Energy and Industrial Strategy (BEIS) Select Committee, questioned the rationale for the Government's investment, and there was criticism in some quarters after officials sought (and received) a formal ministerial direction to proceed with the investment due to the risk of public money being lost, the Government described the investment as signalling its "ambition for the UK to be a pioneer in the research, development, manufacturing, and exploitation of a fleet of Low Earth Orbit [LEO] satellites".

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The Cabinet Office-led Investment Security Group—since superseded by the Investment Security Unit—opened a case on OneWeb once it became aware of the company's financial difficulties. OneWeb's decision to file for bankruptcy in March 2020 ***.

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At the time of taking evidence, we requested further written evidence on the OneWeb deal from BEIS, but this was refused on the grounds that "Information relating to OneWeb has already been provided to the BEIS Select Committee and to the Science and Technology Committee, both of which have oversight of BEIS' work".

However, the BEIS Select Committee and the Science and Technology Committee have not been in a position to adequately scrutinise the Government's investment in OneWeb ***. The Government has therefore avoided scrutiny on this use of public money.

Overall, the challenge of disrupting malign Chinese investments is a significant one. As MI5 told us: