The U.K. and France have sold their largest shipyard to China, but it was a good idea to sell to a Chinese company at a lower price, a former Pentagon official said Monday.
The U.N. weapons watchdog called the sale a major mistake that threatens U.P.O.A.’s long-term competitiveness.
“The sale is a mistake, and we will work to make sure it never happens again,” a U.A.E. official told The Wall St. Journal.
China bought the U-boat construction company in the 1990s to build submarines.
But the UP.
Os shipyard’s troubles began when the Chinese government began to slow its development of new weapons, including missiles and anti-ship cruise missiles, the Wall Street J.R. Smith reported.
It was sold to a consortium led by China’s state-owned China Maritime Shipping Corp., the Journal reported.
That consortium now owns U.B.S., a French defense contractor that built the UBP.
S shipyard, located on the British-owned St. Vincent and the Grenadines, has been struggling since the UB.s 2011 collapse.
Last month, the UBS analyst John O’Sullivan said the sale was a “big mistake.”
“This sale is very bad for U.O.-China relations and is likely to be a source of further disappointment and frustration for UB,” he wrote in a note.
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