Government of Canada orders the dissolution of Canadian businesses following a national security review under the Investment Canada Act

May 24, 2024 – Ottawa, Ontario 

The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, made the following statement:

“In accordance with the Investment Canada Act, foreign investments are subject to review for national security concerns.

“As a result of the Government of Canada’s multi-step national security review process, which involves rigorous scrutiny by Canada’s national security and intelligence community, the Government of Canada, through the Governor-in-Council, has ordered the dissolution of the Canadian businesses carried on by  Bluvec Technologies Inc. and Pegauni Technology Inc., and for those companies to cease all operations in Canada.

“The government’s decisions are based on facts and evidence and on the advice of Canada’s security and intelligence community and other government partners.

“While Canada continues to welcome foreign direct investment, we will act decisively when investments threaten our national security.”