Chairman Of China-Based Company That Bought BC Assisted Living Provider JAILED
The risk of letting China take our Canadian companies
In February, I reported about the sale of Canadian-based Retirement Concepts to China-based Anbang Insurance.The deal was approved by the Trudeau government, despite serious concerns.
Now, those concerns are getting more attention, as chaos engulfs the Anbang corporation.
Wu Xiaohui – Anbang’s Chairman – has been arrested by the Chinese government, and it’s getting even worse for them.
As reported by Bloomberg, “Chinese authorities have asked lenders to suspend some business dealings with the insurer, according to a person with knowledge of the matter, who didn’t provide further details. At least six large banks have stopped selling Anbang policies at their branch networks, with some taking action before the government notice, people with knowledge of their operations said.”
Grace Zhou, an analyst based in Hong Kong, says the move by the banks will be devastating to Anbang. “It’s like having your legs broken. It’s their main source of revenue,” said Zhou.
The risk of investment from China
The problems being faced by Anbang shows the risk of investment from China, and is a reason why Canada should be wary of letting China buy up our companies.Angbang’s Chairman may have broken laws, or he may be totally innocent. Likely, he just got on the wrong side of a powerful Communist Party official. So, as a result of an internal political power struggle, all of Anbang is at risk. This could have a serious impact in Canada, because British Columbia’s largest assisted living provider is now controlled by Anbang.
Had Trudeau blocked the deal, and had our country done more to keep more of our companies Canada-owned, the internal conflict of the Chinese Communist Party would mean nothing to us.
A warning for our future
Justin Trudeau seems locked-into selling us out to China. That means we can expect more of our companies to be lost to China so long as Trudeau is in power.Once Trudeau is defeated, the next government must take a hard-line on protecting our Canadian companies from being taken by China. Investment from China is not the same as investment from the United States, or Taiwan, or Europe, or Japan, or in other democratic regions. Any Chinese company is at the mercy of the Chinese state, with no recourse to the rule of law in order to protect themselves.
Any “leader” who fails to recognize that fundamental difference is either a fool, corrupt, or both.
Spencer Fernando
Photo – Twitter
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