Boeing Backs Out of Global IP Satellite Order Financed by China

Boeing Co. BA -2.87% said Thursday it was canceling a controversial satellite order that was financed by a Chinese government-owned firm, citing default for nonpayment. Boeing’s decision follows a Wall Street Journal investigation this week that highlighted China’s opaque role in funneling around $200 million to the project. Under U.S. export-control laws, Boeing isn’t allowed to sell satellites to China directly. The company faced criticism from national security officials that it attempted to sidestep U.S. regulations on sensitive technology, which the U.S. military relies on.
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