Key facts
- Jingye Group is seeking compensation from the UK government following the nationalization of British Steel.
- The UK government took operational control of British Steel, citing national interest and new legislation.
- Jingye Group claims the nationalization has damaged the UK's credibility among international investors and caused significant losses.
- The Chinese company has initiated negotiation procedures and reserved rights to international arbitration.
- Jingye Group also stated it will represent British taxpayers in legal action against the UK government and British Steel's management.
Jingye Group, the Chinese owner of British Steel, is demanding compensation from the UK government after the latter nationalised the company. The UK government took operational control of British Steel, citing national interest and new legislation that facilitates such moves. Jingye Group acquired British Steel in 2020, stating it saved the company from crisis. The Chinese company claims the nationalization has tarnished the UK government's credibility, spooked international investors, and caused significant losses to its operations and British taxpayers' funds. Jingye Group has initiated negotiation procedures under bilateral investment agreements, reserving all rights, including to international arbitration, and stated it will represent British taxpayers in legal action against the UK government and British Steel's management. The UK government has indicated that an independent evaluation will determine if any compensation will be paid to Jingye Group.