Madam Speaker, Chinese insurance agent giant Anbang took over B.C.-based Retirement Concepts, a Canadian company that operates senior living facilities.
At the time of acquisition, Anbang was a privately owned corporation. After a review by industry Canada, the takeover was approved, and relatively shortly afterwards, the company was seized by the Chinese government, which now holds 98% ownership. At present, there are no provisions in the ICA that would allow industry Canada or the minister to be able to review this subsequent acquisition by a state-owned enterprise of an ICA approved takeover or merger by a foreign private company.
Does the member opposite not think that this is an issue? Does he agree that amendments are required?