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Decentralized Democracy

House Hansard - 156

44th Parl. 1st Sess.
February 8, 2023 02:00PM
Context: House Hansard - 156 - Feb/8/23
Mr. Richard Cannings (South Okanagan—West Kootenay, NDP)
  • Feb/8/23 5:16:06 p.m.
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  • Re: Bill C-34 
Madam Speaker, one of the concerns the NDP and I have about this bill is that we should be looking more closely at transactions where a company is being taken over by a state-owned enterprise. The member for South Shore—St. Margarets mentioned Chinese investments. In British Columbia, we had a case where Anbang Insurance bought Retirement Concepts, a local British Columbia company that operates long-term care facilities in B.C. That company was then taken over by the Chinese government, yet there was no automatic trigger for an analysis there. We should have that in this bill for when there is a takeover by a foreign state-owned enterprise.
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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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