Mr. Speaker, with regard to (a), over the period from January 1, 2006, to May 31, 2011, 170 applications were approved by the Minister of Industry.
With regard to (b), over the period from January 1, 2006, to May 31, 2011, one application was disallowed by the Minister of Industry: Alliant Techsystems, Inc.’s proposed acquisition of MacDonald, Dettwiler and Associates Ltd.
With regard to (c), under section 25 of the Investment Canada Act investors are required to submit information to the Director of Investments in order to permit the director to determine whether the investment has been implemented in accordance with the plans and undertakings provided in relation to the investment. An evaluation of an investor’s performance in implementing its plans and undertakings is ordinarily performed at about 18 months, and more frequently as required, after the implementation of the investment.
The Guidelines—Administrative Procedures, issued by the Minister of Industry under the act, outline the policies that apply to the monitoring of investments that have been reviewed and implemented. If the minister believes that a non-Canadian investor has failed to comply with a written undertaking, the minister may seek replacement undertakings under section 39.1 or pursue enforcement measures under sections 39 and 40.
The act provides enforcement measures which the minister may initiate where he/she believes that an investor has not complied with its obligations under the act. Under section 39, the minister may send a demand letter to the investor requiring it to cease any contravention, remedy a default, show cause why there is no contravention of the act or, in the case of undertakings, justify non-compliance. If an investor fails to comply with a demand letter under section 39, an application may be made on behalf of the minister for an order from a superior court under section 40 of the act. The court may order any measure, including: divestiture, compliance with undertakings, a penalty of $10,000 for each day of contravention, revocation of voting rights and disposition of voting interests.
With regard to (d), the act does not provide for the withdrawal of approval. The enforcement provisions in the act are described in the response to question (c) above.