British Prime Minister Johnson is preparing to announce strict laws to prevent foreign acquisitions that pose a threat to national security.
Johnson is said to be pushing for laws that require companies to report takeover attempts that could lead to security risks or face criminal penalties. If companies do not report such acquisitions or ignore conditions imposed by the UK government, their directors could face imprisonment, disqualification or fines, the report said.
The new law, pushed by Dominic Cummings, Johnson’s adviser, is said to be backed by finance minister Rishi sunak and will require companies to declare when foreign companies try to acquire more than 25% of their shares, assets or intellectual property, the report said.
Johnson also wants to include academic collaboration and research projects in these rules, the report added.