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Canadian financial institutionsThe Globe and Mail
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85% Informative
Finance Minister Chrystia Freeland has alleged three principal shareholders in Wealth One Bank of Canada were vulnerable to coercion by China ’s ruling Communist Party and may have engaged in money laundering.
The businessmen, Toronto insurance executive Shenglin Xian , Vancouver property developer Morris Chen and Toronto grocery tycoon Yuangsheng Ou Yang , were ordered in April, 2023 , to sell their shares in the bank.
Ms. Freeland raised concerns that they could serve as proxies to funnel money through Wealth One on behalf of the Chinese government.
The economic purpose of transactions between Chen ’s antique company and this real estate company was unclear.
Mr. Chen in court documents said he transferred the assets and cash from his antique business to his real estate companies.
He denied “being involved in or taking any such actions” alleged by Ms. Freeland .
VR Score
86
Informative language
84
Neutral language
81
Article tone
formal
Language
English
Language complexity
65
Offensive language
not offensive
Hate speech
not hateful
Attention-grabbing headline
not detected
Known propaganda techniques
not detected
Time-value
short-lived
External references
5
Source diversity
4
Affiliate links
no affiliate links