Examination of the Exon-Florio amendment: focus on Dubai Ports World's acquisition of P&O: hearing before the Committee on Banking, Housing, and ... second session, on the implementation of

LC Number: KF26 .B39 2006k OCLC Number: (OCoLC)190773598 Subject: Harbors -- United States -- Foreign ownership. Excerpt: ...our ports of entry, especially our maritime ports of entry. Thus, when anyone from any foreign country seeks to purchase any part of our port operations, careful scrutiny should be given to the national security implications associated with the transaction. While Dubai is an important ally in the war on terror, it is nevertheless a country in the Persian Gulf, a region where support for al Qaeda is very strong and through which funding for terrorist activities, including the attacks of September 11, flowed. It is also the location where the most dangerous nuclear weapon black market smuggling operation in history operated. Given the considerable number of questions related to national security associated with this deal, that is, the control of critical infrastructure such as our ports and the involvement of a firm from the world's most dangerous region, I do not believe it was reviewed in a manner commensurate with such risks. Perhaps most troubling, such approval occurred notwithstanding the fact that in its review of the transaction, the Coast Guard Intelligence Coordination Center stated that, ``there are many intelligence gaps concerning the potential for DPW or P&O assets to support terrorist operations that preclude an overall threat assessment of the potential DPW and P&O merger. A process that could produce such a result is simply no longer acceptable.' Finally, I believe this deal reveals that there are significant gaps in the existing process regarding transparency and Congressional oversight. In what can only be deemed a highly ironic twist, it is now known that just 3 days prior to this Committee's October 2005 hearing on the CFIUS process, the Department of Homeland Security was approached by Dubai Ports World with very advanced notification of its intention to purchase P&O...