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The Trump Administration’s Department of Homeland Security has forced China’s state-owned Costco to sell the Port of Long Beach over security concerns.
China’s Costco Shipping Holdings, which bought out its 75 percent-owned Hong Kong-based Orient Overseas International (OOCL), was forced to sell its Port of Long Beach Container Terminal ownership to Macquarie Infrastructure Partners for $1.78 billion.
Obama - Administration - Problems - OOCL - Lease
The Obama administration had no problems with OOCL signing a 40-year lease with the City of Long Beach in 2012 for control of America’s second largest and most automated container handling operation. The sweetheart deal was part of the “Middle Harbor Redevelopment Program" to fund a $1.5 billion expansion through 2020.
But one of the first major actions of the Trump administration’s Department of Homeland Security in March 2017 was issuing a ‘Committee on Foreign Investment in the U.S.’ national-security hold on Costco’s acquisition of a former U.S....
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