HomeEconomic IndicatorCanada shuts down two companies due to national security concerns.

Canada shuts down two companies due to national security concerns.

Canada Orders Dissolution of Two Technology Companies Amid National Security Concerns

Canada Takes Action Against Bluvec Technologies Inc and Pegauni Technology Inc

Canada has issued a directive for the closure of Bluvec Technologies Inc and Pegauni Technology Inc within its borders, citing national security worries. The Innovation Minister, Francois-Philippe Champagne, emphasized that the decision followed a thorough evaluation by the country’s security and intelligence sector.

New Law Imposes Stricter Reviews on Foreign Investments

The dissolution order falls under the Investment Canada Act, which underwent amendments earlier this year to impose more stringent national security assessments on foreign investments entering the country. This law applies to foreigners seeking control over Canadian businesses or establishing new ventures within Canada.

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Details About Bluvec Technologies and Pegauni Technology

Bluvec Technologies specializes in drone detection devices, as per its website. On the other hand, Pegauni Technology, known for producing wireless security products, could not be reached for comment. The dissolution order requires both companies to cease operations immediately.

Response from Bluvec Technologies and Government

Bluvec Technologies’ spokesperson, Claire, mentioned that the company had not received any official communication from the government and was verifying the situation. Attempts to reach Pegauni Technology for a statement were unsuccessful at the time of reporting.

Enhanced National Security Measures in Canada

Canada’s move to dissolve these technology firms underscores its commitment to safeguarding national security interests. While the specifics of the security concerns or investments remain undisclosed, the government’s decisive action sets a precedent for future foreign investments in the country.

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