In the News: DJI Sues Pentagon; Beijing Fills Financing Gap Left By VCs; and China Approves BNP and Prudential Insurance Companies

October 24, 2024 | BY

Krista Lee, Brian Chan &Clarence Lee

The world's largest drone manufacturer fights allegations by the U.S. Defense Department, Commerce Department, and House of Representatives; Chinese government invests in Chinese startups after U.S. venture capital and private equity funds leave China; and Chinese insurance regulator approves insurance firms set up by BNP Paribas and Prudential.

Credit: Es sarawuth/Adobe Stock

Chinese Drone Maker DJI Disputes US Allegations of Chinese Military Ties 

On October 18, the world's largest drone manufacturer, DJI, sued the U.S. Defense Department in U.S. District Court in Washington for adding it to a list of companies allegedly working with Beijing's military.

China-based DJI alleges that due to the U.S. Defense Department's decision, which it characterized as "unlawful and misguided," it has "lost business deals, been stigmatized as a national security threat, and has been banned from contracting with multiple federal government agencies," Reuters reported.

DJI, which insists it is not owned or controlled by the Chinese military, said it filed the lawsuit after the U.S. Defense Department "did not engage" with it over the designation for more than 16 months. The company said it had "no alternative than to seek relief in federal court."

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