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Feds block board appointment to Quebec laser firm bought by Chinese company
CorActive and its Chinese parent say the refusal was unreasonable and ask Federal Court to quash it after $11 million in post-acquisition investment.
- The Canadian federal government blocked the appointment of Xiaokai "Denver" Zeng, an American executive, to the board of Quebec-based CorActive High Tech Inc. over concerns that the firm's technology could benefit foreign militaries.
- CorActive High Tech Inc. was acquired in 2017 by Han's Laser Technology Group, a Chinese company, and seeks to add Zeng, who leads Han's U.S. subsidiary, to its board.
- Industry Minister Melanie Joly refused to approve Zeng's appointment in June, a decision described as "substantively unreasonable" by CorActive, Han's Laser, and Zeng, who have challenged the refusal in Federal Court.
- CorActive argues that Zeng's appointment would help the company remain competitive amid declining sales and employee losses.
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Melanie Joly's decision is unjustified, according to the company
·Montreal, Canada
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The Toronto Star+22 Reposted by 22 other sources
Feds block board appointment to Quebec laser firm bought by Chinese company
A Quebec-based laser firm that was bought by a Chinese company says the federal government has wrongfully refused to allow an American executive onto its board over concerns that its
·Toronto, Canada
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Total News Sources24
Leaning Left17Leaning Right0Center6Last UpdatedBias Distribution74% Left
Bias Distribution
- 74% of the sources lean Left
74% Left
L 74%
C 26%
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