They noted that there is no publicly known precedent of the panel ever having done so. However, some lawyers played down the possibility that CFIUS would reopen its review. The integrity of the acquiring party is relevant to the question of threat of exploitation," Flicker said. "It is potentially relevant information for the CFIUS review. Scott Flicker, a regulatory partner at law firm Paul Hastings LLP who was not involved in the Grindr case and reviewed Reuters' findings, said CFIUS would want to know about Lu's business dealings in China when assessing whether his past could be used by Beijing to compromise him. In particular, Chinese regulatory filings show Lu is chairman of a Chinese investment firm, where a local government is the majority shareholder.ĪLSO READ: Dating apps like Grindr, Tinder, OkCupid found sharing user data for targeted ads, profiling While the resume lists positions going back to 2002, it does not mention some of his business dealings in China. The documents reviewed by Reuters include a resume for Lu that was put together by the parties in support of the CFIUS application. Treasury Department, which chairs CFIUS, did not respond to requests for comment. Lu, Fei, Kunlun and Grindr did not respond to emailed requests for comment.ĬFIUS and the U.S. Ingraham declined to make Lu, who owns a 17% stake in the buyer's group, available for an interview. San Vicente spokesman Taylor Ingraham said that "a complete and accurate account of James Lu's relationship with Ding'an Fei, as well as his investments and business activities in China, was provided to CFIUS prior to the agency's approval of San Vicente Holdings' acquisition of Grindr." McIntosh declined to comment on the specifics of Reuters’ findings. "If a transaction was approved based on misrepresentations, that could well invalidate the approval of the transaction," said Brent McIntosh, who served as the Treasury Under Secretary responsible for CFIUS when the Grindr deal was cleared. If CFIUS were to find the statements were not true, it can also lead to civil penalties and criminal charges under the false statement provisions of the U.S.
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officials and lawyers familiar with the panel's rules. authorities, reported by Reuters for the first time, could prompt a new review from CFIUS, according to six former U.S. The discrepancies and omissions in the parties’ response to U.S.
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The duo had also done business together in other ventures: Fei was a member of the board of a Chinese restaurant operator in which Lu served as chief executive officer, according to that restaurant company's 2018-2019 annual report. However, when Lu was raising funds to buy Grindr in the second half of 2019 and early 2020, potential investors were told by firms helping him raise the money that Fei was involved in the effort with him in various capacities, a review of four different fundraising documents shows. "The investors and Ding'an Fei have at no time conducted business together in their personal capacities prior to the proposed transaction," Kunlun and the investor group, called San Vicente Holdings LLC, wrote to CFIUS in a response dated March 27, 2020.ĪLSO READ: Grindr to pay $11.7 mn for sharing private user information with advertisers Fei, a former private equity executive, was acting as an adviser to Beijing Kunlun Tech Co Ltd, Grindr's owner at the time, on the deal, the documents show.