TuSimple fires its boss for its links with a Chinese company

TuSimple, an American self-driving truck start-up, announced on Monday that it had fired its co-founder and CEO after an internal investigation showed that he may have shared confidential information with a company working mainly in China on related technologies, Hydron. .

Xiaodi Hou’s dismissal comes a day after the Wall Street Journal published information about the opening of investigations by the FBI, the US Stock Exchange (SEC), and the Committee on Foreign Investments in the United States (CFIUS) on the links between the two companies. The American agencies want to know if the management of TuSimple did not fail in its obligations towards its shareholders and the authorities by not reporting to them that it participated in the financing of Hydron and transferred technologies to it, indicates the economic daily, citing sources close to the case.

In a press release published in June, he announced that he had created another company, Hydron, specifying that it was based in California, like TuSimple, but was not affiliated with the latter. According to the Wall Street Journal, Hydron is registered in China, Hong Kong and the US state of Delaware. And after the internal investigation initiated in July, TuSimple “thinks (Hydron) has significant operations in China“.

However, the participation of employees of the start-up in the launch of a company created by a former manager was not reported to the audit committee of TuSimple, contrary to the regulations. The US company also believes that in evaluating Hydron as a potential partner, TuSimple “shared confidential information with Hydron and its partners without bringing it to the attention“relevant committees”and before having signed confidentiality and cooperation agreements“.

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