Finance Minister Chrystia Freeland has instructed three of the founding investors of Wealth One Bank of Canada to divest their shares, and has also ordered the financial institution to comply with extraordinary national-security conditions intended to firewall its operations against the trio, who have faced federal scrutiny over alleged links to the Chinese government.
The three men, Toronto insurance executive Shenglin Xian, Vancouver property developer Morris Chen and Toronto grocery tycoon Yuangsheng Ou Yang, were told in April to sell their shares in the bank. Wealth One has also been ordered to sever all ties with the three, and to put in place stringent security measures to guard against money laundering and unauthorized sharing of sensitive information.
Laurentian elite firewall?
