Foreign Affairs Minister has two mortgages with state-run Bank of China GlobePolitics
Foreign Affairs Minister Francois-Philippe Champagne, seen here in Ottawa on Jan. 29, 2020, said he had a temporary work permit for the United Kingdom and was unable to get a loan from a British bank.Foreign Affairs Minister François-Philippe Champagne has two registered residential mortgages with the state-owned Bank of China in London, which the opposition says opens him to ”personal financial vulnerability” at a time when relations with Beijing are at a standstill.
“At the time I purchased these apartments, the Bank of China Ltd. was one of a very limited number of banks providing residential mortgages for terms of more than 20 years to people residing in the UK on temporary worker visas,” he said in a statement to The Globe and Mail. “Neither mortgages nor any other liabilities have ever had any bearing on my functions as a public office holder.”
Relations between Canada and China have been in a historic chill since late 2018, when China jailed Canadians Michael Kovrig and Michael Spavor in apparent retaliation for the arrest of a Huawei Technologies Co. Ltd. executive on a U.S. extradition warrant. China also slapped restrictions on Canadian agricultural imports in the months that followed. Sales of canola seed to China – once a major export – remain constrained.
“I think it is very dangerous for a minister of the Crown to have personal financial dealings like that with state-owned enterprises from authoritarian countries,” Mr. Genuis said. “Whatever the cause of the origin of those deals, it creates a certain degree of personal financial vulnerability to decisions which are ultimately directed by the government of China."
“As long as it’s public, it’s not an issue of major concern because he acquired everything before he entered politics,” Mr. Fadden said.Story continues below advertisement
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Best Mortgage Rates Canada | RateSpy.comInstantly compare the true best mortgage rates from virtually every Canadian lender and top mortgage broker.
Read more »
Pompeo chides HSBC for ‘corporate kowtow’ to BeijingU.S. Secretary of State Mike Pompeo said U.S. stood ready by Britain against China’s ‘bullying tactics’
Read more »
EU seeks tougher checks on foreign firms using subsidies to buy European firmsVestager says companies already doing business in the 27-country bloc and suspected of being a foreign state-owned or state-backed entity could also be investigated
Read more »
B.C.'s record-breaking state of emergency extended again: HorganBritish Columbia's record-breaking state of emergency has been extended for an additional two weeks.
Read more »
Germany extends COVID-19 travel warning for non-European statesForeign Minister Heiko Maas said Germany does not yet have systems with the rest of the world to assess and co-ordinate travel without entailing potentially incalculable risks
Read more »
China’s one-child policy caused a devastating population imbalance. Could two husbands be the solution?China’s birthrate remains stubbornly low, creating a demographic crisis that could hinder economic growth for decades to come
Read more »