Canada’s Finance Minister Chrystia Freeland instructed three of the founding investors of Wealth One Bank of Canada to divest their stakes in the lender, Globe & Mail reported Saturday, citing documents obtained through an access to information request.
Toronto insurance executive Shenglin Xian, Vancouver property developer Morris Chen and Toronto grocery tycoon Yuansheng Ou Yang, were told in April to sell their shares in the bank, Globe reported, citing documents obtained from the Office of the Superintendent of Financial Institutions, Canada’s financial industry regulator. The investors face scrutiny from Canadian national security authorities about alleged links to the Chinese government, the newspaper said.
The finance minister ordered Wealth One to cut all ties with the three investors, and to put in place security measures to guard against money laundering and unauthorized sharing of information, according to Globe.
Read the full story on Bloomberg here.