• News Desk - Reuters

BROADCOM VIOLATED ORDER IN MOVING DOMICILE


Chipmaker Broadcom Ltd (AVGO.O) violated a U.S. Treasury Department order by not giving sufficient notice to a national security panel of its plans to redomicile in the United States, the Treasury said in a letter to the Singapore-based company. The Treasury’s complaint potentially complicates Broadcom’s unsolicited $117-billion offer to buy rival Qualcomm Inc (QCOM.O), which is being reviewed by the Committee on Foreign Investment in the United States (CFIUS) for potential national security threats.Broadcom, incorporated in Singapore and co-headquartered there and in San Jose, California, is seeking to allay security concerns by becoming a U.S. corporation, a process which it said on Monday would be complete by April 3.In a letter dated Sunday, Aimen Mir, a top CFIUS official, said that Broadcom “took a series of actions in violation” of a March 5 order from the Treasury which required CFIUS to be notified five business days before taking any action toward moving back to the United States, where Broadcom was originally founded.

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