Chinese Firm to Seek Compensation After UK Nationalizes British Steel

Kathmandu. After the British government nationalized British Steel, the Chinese Jingye Group, the former owner of the company, has announced that it will proceed with legal action seeking compensation for the investment losses it has incurred. The company claims that Britain's move has sent a negative message to the international investment environment.

In a statement issued on Sunday, the Jingye Group accused the British government of violating the principles of international investment rules and bilateral investment treaties by taking control of the company's operations. The company informed that a formal negotiation process has been initiated with the British government for compensation, and if necessary, international arbitration will also be pursued.