Spokespersons for SoftBank and Uber declined to comment.

When SoftBank was planning to buy Uber for $9 billion in late 2017, the company negotiated for two seats on the board, according to Bloomberg. But since then, foreign investments in the U.S. have come under greater scrutiny, and until now, SoftBank has not sent anyone to the two seats.

The Japanese tech conglomerate will lose control of the two board positions once Uber goes public, people familiar with the matter said, when changes to Uber's bylaws are expected to cancel the old agreement with SoftBank.

The delay was caused by the fact that SoftBank had not yet received approval from officials who review transactions between U.S. companies and foreign investors. Although Uber’s massive investment was completed and the funds arrived more than a year ago, SoftBank spent most of last year getting its accounting in order and getting approval for the investment, a person familiar with the matter said.

The person also said SoftBank did not initiate the U.S. regulatory review process for Uber's board seat until late last year, and has not yet formally submitted it to the Committee on Foreign Investment in the United States. The inter-agency panel, known as CFIUS, is responsible for reviewing corporate transactions for national security risks and is part of the U.S. Treasury Department. Last year, the panel was given greater powers to focus specifically on companies involved in technology.

CFIUS can impose additional conditions on a transaction or recommend that the president veto a transaction. Usually, if the concerns of the investment committee cannot be resolved, foreign companies have no choice but to abandon the investment.

SoftBank has completed its investment, but Uber's public offering still seemed very far away, but now it is rapidly approaching. But now the company is getting closer to going public. According to reports, Uber will submit a public IPO prospectus as early as Thursday and launch a roadshow later this month. Uber is seeking to raise about $100 billion and go public next month.

Without a confirmed board seat, SoftBank will have little influence on the future direction of the world's largest ride-hailing company. The development highlights the uncertainty facing foreign investors doing business in the Trump era. SoftBank's filing with the Committee on Foreign Investment in the United States and the possibility that the company will lose control of Uber's board have not been reported before.

Spokespeople for SoftBank and Uber declined to comment, and CFIUS does not comment on its review process.