David Lametti

[Foreign Investment, June 20th, 2017]

Mr. Speaker, the simple fact of the matter is that this deal was good for Canada. Canadians can be reassured that we followed the Investment Canada Act process and carried out its required due diligence. We examined the case on its own merits and approved the acquisition because it is of net economic benefit to Canada.

Jobs will be maintained. None of the existing residences will be closed or repurposed, and financial resources will be available for expansion. This means more seniors living in high-quality health care facilities in Canada and more jobs in Canada. There is a net benefit to Canada here.

[Foreign Investment, June 20th, 2017]

Mr. Speaker, the application by Cedar Tree to acquire Retirement Concepts was approved, as the acquisition will result in a net benefit to Canada. Cedar Tree has agreed to maintain at least the current levels of full-time and part-time employees; have the current Canadian operator, Retirement Concepts, continue to manage the business; not close or repurpose any of the existing residences; and financially support the expansion of the business. These guarantees will remain in place for a significant period of time.

There was a net benefit to Canada here. That is the criterion under the act. That is why we approved it.

[Foreign Investment, June 20th, 2017]

Mr. Speaker, we take national security very seriously. All the investments examined under the act are subject to a multi-step security review process, which was done in this case. The national security community conducted a review and confirmed that the security procedures and the safeguards in place comply with our high standards. No transaction would take place if it did not meet our strong guarantees and security measures.

[Foreign Investment, June 20th, 2017]

Mr. Speaker, the security of Canadians is our absolute priority. All transactions under the Investment Canada Act are subject to a multistep national security review process. We can confirm that this process was followed with respect to Hytera's proposed acquisition of Norsat, and there are no outstanding national security concerns under the act.

Throughout the process, security agencies had access to all pertinent facts, information, and intelligence. They made that recommendation on this basis.

We never have and we never will compromise national security.

[Foreign Investment, June 19th, 2017]

Mr. Speaker, the application by Cedar Tree to acquire Retirement Concepts has been approved under the Investment Canada Act. The acquisition will result in a net economic benefit to Canada. As a result of that review, Cedar Tree has agreed to maintain the current level of full-time and part-time employees, maintain a current Canadian operator, Retirement Concepts, to continue to manage the business, not close or repurpose any of the existing residences, and to financially support the expansion of business. This will remain in place for a significant period of time.

We reviewed the transaction under the Investment Canada Act. The Government of British Columbia is doing its part—

[Foreign Investment, June 19th, 2017]

Mr. Speaker, our government is open to investments that create jobs, growth, and long-term prosperity for Canadians. While the official opposition continues with its scare tactics and fearmongering, let us talk about the facts.

The day-to-day operations of the residences will continue to be managed by Retirement Concepts, the same management that was there before. Rules are not changing. The residents will continue to be subject to the same robust provincial health regulations that have always applied to them. The residents and health care workers will continue to be protected by the same legislation.

We did our homework on this transaction. We assured what we had to make certain, and we have done it.

[Foreign Investment, June 19th, 2017]

Mr. Speaker, there is a very clear process envisioned under the Investment Canada Act. It is a multi-step process that requires our national security agencies to look at the facts, get the facts in front of them, and make a national security recommendation. We followed that process to the letter. We followed their advice.

We trust our national security agencies, which have done their due diligence. We have undertaken this multi-step process, as it should have been undertaken.

[Foreign Investment, June 19th, 2017]

Mr. Speaker, nothing could be further from the truth. We are not compromising our national security. We are not compromising our national interests. We are in fact trying to balance our national interests.

We relied on a process that put our national security first and foremost. That process was followed. Our national security agencies did their due diligence. They investigated the transaction. They had all the facts in front of them. They gave us their opinion. We are following that opinion. We trust our national security agencies. We will never put our security at risk.

[Foreign Investment, June 19th, 2017]

Mr. Speaker, quite frankly, I am surprised the party opposite does not trust our national security agencies and does not trust the opinions they give.

We have a process in place under the Investment Canada Act. We followed that process. Our security agencies are required to consult, investigate, and to have all the facts in front of them. They did that. They gave us their opinion; we followed that opinion. Our national security has never been put at risk.

[Foreign Investment, June 19th, 2017]

Mr. Speaker, national security is our priority, and we take it very seriously.

All investments reviewed under the Canada Investment Act are subject to a multi-stage national security review process conducted by our security agencies. That process was followed. The national security community conducted a review, consulted, had the facts in front of it. It gave us the recommendation that this transaction did not put into jeopardy national security. No transaction would take place if it did not uphold and satisfy this criterion.