The FBI and a U.S. investment-screening panel are investigating a Chinese investment in an aircraft startup following allegations of improper technology transfer to China, according to people familiar with the matter and documents reviewed by The Wall Street Journal.
Under review is a Chinese government-backed investment company’s nearly 47% stake — the largest of any shareholder — in Icon Aircraft Inc., a California-based maker of small recreational, amphibious planes.
A group of U.S. shareholders has accused the Chinese firm of hollowing out Icon and moving its technology, which the Americans say has possible military applications, to China.
The Committee on Foreign Investment in the U.S., an…
