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 an interim CEO and a new COO amidst an ongoing U.S. government (CFIUS) investigation into its significant ownership by a Chinese-government-connected entity.
The investigation was triggered by concerns, raised by ICON's co-founder and minority shareholders, over the A5 seaplane's potential military applications and alleged plans to transfer the company's intellectual property to China.
While ICON denies the A5 has military utility or that its IP is at risk, a U.S. Navy contractor confirmed an active "Ocean Eagle" program to convert the A5 into a UAV, stating that Chinese investment negatively impacts U.S. military interest in the aircraft.

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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.