Friday 6th March, we received an Executive Order from the U.S. Government to divest our interests in StayNTouch. Though we believe the decision was incorrect, we are working with U.S. authorities to comply.
On Friday 6th March 2020, we received an Executive Order from the U.S. Government to divest our interests in our acquisition of the hotel property management system StayNTouch. Though we believe the decision was incorrect — Shiji does not pose a threat to U.S national security in any way — we are in the process of consulting with the appropriate U.S. authorities and advisors to comply with the order.
The Committee on Foreign Investment in the United States (CFIUS) conducted a routine review of the Shiji’s investment into StayNTouch. Over the course of 7 months, we cooperated with CFIUS and worked diligently to provide all the documents and information requested by the US Government. We offered a range of significant proposals to mitigate any concerns the U.S. Government might have, including further restricting access to guest data and appointing an independent monitor to ensure these protections. For reasons unknown to us, these proposals were not accepted.
That being said, we fully respect the order and are currently in the process of working out the most constructive way to divest from StayNTouch in accordance with the law and instructions of the U.S. Government.
In addition to respecting the law, our priority is to ensure this does not in any way disrupt our customer’s business, their operations, or the service they receive by the staff of StayNTouch.
We will update this entry should any relevant new information be available.
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