Three principal shareholders of Toronto-based Wealth One have been under national-security investigation by CSIS since 2021
is raising national-security concerns about Wealth One Bank of Canada, telling three of its founding shareholders that they could be susceptible to Chinese government coercion, according to two sources.
Two of the founders, Mr. Xian and Mr. Ou Yang, have property and investments in China, according to information recently taken down from the Wealth One website. One of the sources said the government is prepared to rescind the bank’s charter but would likely take no further action providing the three men sold all their shares or significantly reduced their holdings in Wealth One. It is not clear if they had done so.
Alex Lawrence, communications director for Ms. Freeland, said the government could not comment on its dealings with Wealth One. The Globe first reported on Mr. Xian in May, 2016, when he and 32 other business executives attended a private fundraiser for the Liberal Party of Canada where Prime Minister Justin Trudeau was the guest of honour.
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