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The Canadian government has taken action against two technology companies, ordering their dissolution and cessation of operations within the country. Bluvec Technologies Inc and Pegauni Technology Inc have been the subject of a thorough national security review, which ultimately led to the government’s decision to shut them down.
TLDR
- Canada has ordered the dissolution of two technology companies, Bluvec Technologies Inc and Pegauni Technology Inc, citing national security concerns.
- The decision was made after a rigorous review process involving Canada’s national security and intelligence community.
- The companies were ordered to cease all operations in Canada under the Investment Canada Act, which governs foreign investments in the country.
- Bluvec Technologies is described as a maker of drone detection devices, while Pegauni Technology reportedly makes wireless security products.
- The government did not provide specific details about the investments, the security concerns, or further information about the companies beyond their names.
The order was issued under the Investment Canada Act, a law that regulates foreign investments in the country.
This Act was recently revised to include more stringent national security assessments of proposed foreign investments. Foreign entities that acquire control of a Canadian business or seek to establish a new one are subject to this law.
Innovation Minister Francois-Philippe Champagne stated that the decision was reached after
“rigorous scrutiny by Canada’s national security and intelligence community.”
He emphasized that while Canada welcomes foreign direct investment, the government will not hesitate to act when such investments pose a threat to national security.
Details about the specific investments, the nature of the security concerns, and additional information about the companies themselves were not disclosed in the government’s statement.
Bluvec Technologies’ website describes the company as a manufacturer of drone detection devices, while a LinkedIn account associated with Pegauni Technology suggests that the firm produces wireless security products.
Attempts to reach the companies for comment yielded limited results. When contacted by Reuters, an individual identifying herself as Claire stated that Bluvec Technologies had not received any government order and was in the process of verifying the situation. Pegauni Technology could not be reached for comment.
This move by the Canadian government highlights the increasing scrutiny being placed on foreign investments in sensitive industries, particularly those related to technology and security.
