According to official documents, the new head of the American chip manufacturer Intel, LIP-BU TAN, has investments in hundreds of technology companies from China. Among them are at least eight companies with connections with the People’s Liberation Army, as is apparent from the Reuters news agency showed mandatory reports from China and the US.
The research showed that TAN has checked more than 40 Chinese companies and funds and that there are minority investments at more than 600 companies via or guided investment companies. In many cases he shares minority investments with Chinese government agencies.
Risk or important competence?
The appointment of the veteran from the industry as a company boss of a company that produces state-of-the-art chips for the US Department of Defense raises questions about the scope of its continuous investments in companies in China. Various investors investigated by Reuters indicated that the scope of Tan’s investments could make the renovation of Intel difficult. “The fact is simple and moving that Mr Tan is not suitable for acting as head of a company competing with China,” said Andrew King, partner of the risk capital company Bastille Ventures. Intel also has close ties with the American secret services and the army. King emphasized that neither he neither held his Fund Intel shares.
Some of Tan’s years of experience with start-up investments in China, however, consider an important competence for the renovation of the restless former flagship company Intel. “He was at the top of me and the list of most investors who wanted him,” said Analyst Stacey Rasgon of Bernstein’s asset manager. “He is a legend and has been there forever.”
New CEO – group in deep crisis since March
After months of searching, the battered chip manufacturer had appointed the manager as a new boss in March. Tan was a member of the Intel Board of Directors until August last year. The American group is deep in the crisis because it does not offer a competitive powerful processor for artificial intelligence (AI). At the same time, he fell behind the rival TSMC when making chip production.
Intel refused to comment on Tan’s investments in China. A spokesperson said that Tan filled a questionnaire for directors and managers who prescribed the disclosure of possible conflicts of interest. “We change adequately with potential conflicts and present the disclosures required by the SEC rules,” said the spokesperson. The US Department of Defense, which has granted billions of billions of orders to Intel, did not want to comment on TAN.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
