Advertisements
LATEST

IN THE HOUSE – ‘Put the sale on hold until Canadians are assured this is not a hasty political sellout’

More debate in federal Question Period yesterday (Monday, March 6, 2017) on the sale of Retirement Concepts.

Cathy McLeod Kamloops—Thompson—Cariboo, BC (Conservative)

Mr. Speaker, today, the innovation minister was forced to stand in this House and acknowledge that he had misled when he said that the company he is selling our B.C. retirement homes to was Canadian. He confirmed what we have been saying all along. It is going to be under Chinese ownership.

In the minister’s desire to be transparent, will he confirm who owns Anbang Insurance? Is it the Chinese company he agreed to sell our facilities to or , as one of the residents in my riding says, “Who will own my home?”

Navdeep Bains Minister of Innovation

Mr. Speaker, we think investment is a good thing. Global investment into Canada is good for our economy. It will create opportunities. It will create jobs.

On this specific transaction under the Investment Canada Act, we made sure that we put forward a proposal that focuses on growth and opportunities for seniors, as well.

With regard to Retirement Concepts that are managed and operated by Canadians, they have now the ability to expand, which will provide better services for seniors and more job opportunities, and that is good for the economy.

Cathy McLeod Kamloops—Thompson—Cariboo, BC

Mr. Speaker, we have no faith in the minister at all. He said he did his due diligence, but he did not even know who owned the company that is going to be taking care of our seniors. We want to know who owns Anbang Insurance. Two weeks ago, he said it was Canadians. Who owns it? Will he put the sale on hold until he assures people throughout Canada that he has done his due diligence and this is not a hasty political sellout.

Navdeep Bains Minister of Innovation

Mr. Speaker, the British Columbia government has approved operating licences for Retirement Concepts. I want to make it very clear. We are open to trade and we are open to investments, because they are good for the economy.

When it comes to seniors, we do not need any lessons from the member opposite. It is our government that increased the guaranteed income supplement for seniors. It is our government that reduced the old age security age from 67 to 65.

We will continue to help seniors and we will continue to find economic opportunities that will create growth and jobs.

Marilyn Gladu Sarnia—Lambton, ON (Conservative)

Mr. Speaker, the innovation minister is rushing to sell essential senior care facilities to Anbang Insurance Group without telling Canadians who is pulling the strings. The minister will not tell Canadians who owns this company because, as he admitted today, he does not even know.

Wall Street firm Morgan Stanley refused to do business with Anbang Insurance Group because it was alarmed by the murky ownership structure of this Chinese firm dominated by a who’s who of the Chinese Communist Party.

In light of the minister’s revelation today, will he finally act in the interests of Canadian seniors and put this sale on hold?

Navdeep Bains Minister of Innovation

Mr. Speaker, under the Investment Canada Act we did our due diligence. We followed the process and we determined that this particular transaction was in the overall net economic benefit of British Columbians and all Canadians, because we are open to investments. It provides additional resources for Retirement Concepts. It allows the company to expand its facilities, which creates jobs and provides additional resources for seniors as well.

This is good for British Columbians. This is good for Canadians. This is good for our economy.

John Brassard Barrie—Innisfil, ON (Conservative)

Mr. Speaker, Wall Street firms have refused to do business with Anbang Insurance Group over the murky ownership structure of this Chinese conglomerate and yet the Liberals are hell-bent on pandering to their friends in Beijing. The Chinese conglomerate, dominated by a who’s who of the Chinese Communist Party, should raise red flags. It certainly has among Wall Street firms.

This begs the question: How did we get to a place where the wolves of Wall Street have more integrity than the Liberal government?

Navdeep Bains Minister of Innovation

Mr. Speaker, I find it ironic that members opposite are opposed to global investment. It is great that people want to invest in Canada. It is a tremendous opportunity for our economy, where we see additional resources coming in and creating jobs and growth and opportunities for future generations.

This transaction was reviewed under the Investment Canada Act. We looked at the overall net economic benefit. We made that determination because there are additional resources for Retirement Concepts, which is good for the economy and good for seniors and obviously good for British Columbians as well.

Advertisements
About Mel Rothenburger (4923 Articles)
ArmchairMayor.ca is a forum about Kamloops and the world. It has more than one million views. Mel Rothenburger is the former Editor of The Daily News in Kamloops, B.C. (retiring in 2012), and past mayor of Kamloops (1999-2005). At ArmchairMayor.ca he is the publisher, editor, news editor, city editor, reporter, webmaster, and just about anything else you can think of. He is grateful for the contributions of several local columnists. This blog doesn't require a subscription but gratefully accepts donations to help defray costs.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: