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Dubai firm formally submits to broader US security review |
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3/4/2006 8:30:56 AM |
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Washington: A United Arab Emirates company has submitted formally to a highly unusual, broader examination by the Bush administration of potential security risks over its plans to take over significant operations at major US ports. The new, 45-day investigation, was aimed at quieting the furor in Washington over the administration's earlier approval of Dubai-owned DP World's US$6.8billion purchase of London-based Peninsular & Oriental Steam Navigation Co.
The British company runs major port operations in New York City; Newark, New Jersey; Baltimore, Maryland; New Orleans, Louisiana; Miami, Florida; and Philadelphia, Pennsylvania.
The Treasury Department, which governs the review panel, is expected to conduct another preliminary scrutiny that could take up to 30 days and then open its full, 45-day investigation. The timelines are governed by US law, and lawyers for the company and administration were wrestling with an unprecedented request for such a security review.
DP World offered this week to submit to the broader investigation by the US government panel that considers security risks of foreign companies that plan to buy or invest in American industry. The Treasury Department already has said it welcomed DP World's extraordinary offer. It said the same panel will reconsider the deal that it earlier agreed unanimously posed no national security problems.
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