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House Hansard - 156

44th Parl. 1st Sess.
February 8, 2023 02:00PM
Context: House Hansard - 156 - Feb/8/23
Ms. Laurel Collins (Victoria, NDP)
  • Feb/8/23 5:31:14 p.m.
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  • Re: Bill C-34 
Madam Speaker, the government allowed a Chinese insurance giant and bank to take over operations of seniors' living facilities. This company was then seized by the Chinese government, which now holds a 98% ownership stake. There are no provisions in the Investment Canada Act that allow for a review of subsequent acquisitions by state-owned companies. Does the member support closing this loophole?
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Context: House Hansard - 156 - Feb/8/23
Mr. Francesco Sorbara
  • Feb/8/23 5:56:08 p.m.
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  • Re: Bill C-34 
Madam Speaker, what I would say is that the direction of the bill is so important. I have risen many times in the House to talk about corporate concentration and foreign ownership. Especially, when foreign owners attempt to purchase an asset in Canada, whether it is a holding company, an operating company or straight asset, and they are backed by, say, a fund that is backed by the government, we need to have the tools and resources to block those types of acquisitions. If this is going on that track, the bill will hopefully be sent to committee for further studies, further recommendations and more in-depth questions. I appreciate the hon. member's question. I share those concerns. We need to make sure that we protect our assets and our companies from national security threats from wherever they may arise throughout the world.
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