ICON's New CEO, Former CEO Differ on Foreign Investment Committee Probe

The manufacturer seeks primary type certification on the A5 while under scrutiny resulting from questions regarding its Chinese ownership and potential military applications.

Julie Boatman

Friday, January 28, 2022 at 02:34 PM ET

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There are roughly 145 Icon A5s currently in the field. [Photo: Icon Aircraft]

Key Takeaways:

ICON Aircraft has appointed new interim leadership amidst an ongoing U.S. government (CFIUS) investigation regarding its significant ownership by a Chinese-government-connected entity.
The CFIUS inquiry was triggered by concerns, raised by co-founder Kirk Hawkins and minority shareholders, about the potential for Chinese investors to expropriate ICON's intellectual property.
Furthermore, Hawkins and an aerospace expert claim the A5 seaplane has an active U.S. Navy program ("Ocean Eagle") exploring its conversion into an amphibious unmanned aerial vehicle (UAV), which is reportedly being negatively impacted by the Chinese investment.
ICON Aircraft denies that the A5 has any military applications, asserting its design is unsuitable for such use, and suggests Hawkins' allegations are an attempt to regain control of the company.

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ICON Aircraft announced Tuesday that it has promoted two leaders from within the company to its C-suite. The change marks the latest chapter since an ongoing investigation by a U.S. government committee on foreign investment was triggered by concerns raised over the company’s significant ownership by a Chinese-government-connected entity—and the military applications possible for the A5 seaplane.

These allegations have basis in not just conjecture, but in at least one ongoing naval project that has been revealed to FLYING by the company’s co-founder and former CEO.