U.S. government blocks MoneyGram International Inc sale to China’s Ant Financial

A Moneygram logo is seen outside a bank in Vienna, Austria, June 28, 2016. REUTERS/Heinz-Peter Bader

Vastavam web: U.S. government panel rejected Ant Financial’s acquisition of MoneyGram International Inc (MGI.O) over national security concerns, the companies said on Tuesday, the most high-profile Chinese deal to be torpedoed under the administration of U.S. President Donald Trump.A U.S. government panel rejected Ant Financial’s acquisition of MoneyGram International Inc (MGI.O) over national security concerns, the companies said on Tuesday, the most high-profile Chinese deal to be torpedoed under the administration of U.S. President Donald Trump.

The companies decided to terminate their deal after the Committee on Foreign Investment in the United States (CFIUS) rejected their proposals to mitigate concerns over the safety of data that can be used to identify U.S. citizens, according to sources familiar with the confidential discussions.A standard CFIUS review lasts up to 75 days, and the companies had gone through the process three times in order to address concerns. Additional security measures and protocols that the companies suggested failed to reassure CFIUS, the sources said.The U.S. government has toughened its stance on the sale of companies to Chinese entities, at a time when Trump is trying to put pressure on China to help tackle North Korea’s nuclear ambitions and be more accommodative on trade and foreign exchange issues.