Innovation, Science and Industry Minister Francois-Philippe Champagne speaks during a press conference at the National Press Theatre in Ottawa on Tuesday, April 30, 2024.
A subsidiary of a Chinese state-owned enterprise is arguing that Canada should not launch a national security review of a planned Peruvian mine acquisition, currently owned by a Vancouver-based company.Industry Minister François-Philippe Champagne, pictured during a media conference in Ottawa on April 30, has raised the possibility of a national security review for an attempted acquisition of a Peruvian mine.
Certain types of foreign investments involving Canadian companies are reviewed on national security grounds, and Jinteng voluntarily notified the director of investments at Innovation, Science and Economic Development Canada shortly after the agreement was announced. Jinteng claims in a judicial review application filed in Federal Court in late July that the minister "lacks jurisdiction under the act" to order a national security review of the La Arena deal.
Aaron Shull, managing director and general counsel at the Centre for International Governance Innovation in Ontario, said the case presents a "fairly complicated story that is actually quite simple."He said the deal boils down to a Canadian parent company selling Peruvian assets to a Chinese company, and the structure of the subsidiaries involved could be for various reasons such as shielding liability and tax purposes.
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