Big Chinese Company, Linked to Communist Government, Buys Huge Share in Norwegian Airline

( The Chinese Communist Party may feel like a distant entity that doesn’t have a huge influence on our lives, or at least, it did until the Chinese coronavirus reached the United States. This distant communist dictatorship also has connections to many big Western companies and that became evident last week when it was revealed how a CCP-linked corporation purchased major shares in a Norwegian airline.

Norwegian Air was expected to go under, with bankruptcy looming, but new investments kept it afloat. Chinese money, connected directly to the Communist Party, is now propping up a Western airline that was almost destroyed by the Chinese virus.

BOC Aviation purchased a 12.7% stake in Norwegian Air, an airline that has increased operations throughout Europe and the United States. In the United Kingdom, Norwegian Air is known particularly for its low-cost transatlantic flights connecting the UK and the United States.

Politicians and economists have grave concerns about the implications of the purchase. Speaking to Swedish TV broadcaster SVT on Wednesday, economic journalist Kristina Lagerstrom said that China is using the business deals to advance its own interests.

“This could be very important. China is a special owner, the Chinese state is special and drives Chinese interests very strongly,” she said. “This entire settlement that Norwegian made when trying to save the company from bankruptcy was based on the fact that those who lease the aircraft take over the company; that is the consequence of this.”

Norwegian Air will also receive a huge loan guarantee of around $290 million from the Norwegian government, helping keep the company afloat while people aren’t traveling. Norwegian Air CEO Jacob Schram told the media that “virtually all of the revenue stream has stopped,” meaning the flights that are running are essentially empty.

“Our goal has not only been for Norwegian to survive, but for us to come back stronger with a sustainable operation and a structure that will benefit shareholders, customers, and colleagues alike,” he also said.

They aren’t the only airline struggling, either. Questions are being asked all over the world about the future of the industry and whether people will even be able to access and afford important flights when lockdown ends.

The willingness of the Chinese state to buy up shares in desperate Western companies is also a cause for concern.