The continuing Nortel saga could result in the worst abandonment of Canadian technology in history, worse even than the cancelling of the Avro Arrow project.
The minister in Ottawa in charge of the Investment Canada Act, Tony Clement, seems to have been confused as to what action he should take when it was announced Nortel would seek bankruptcy protection with the view of selling off assets to liquidate debts.
Clement first said he could take no action as the matter was before the bankruptcy courts.
That was strange.
Since when is the government of Canada subject to a bankruptcy court proceeding, be it in Canada or a foreign country such as the United States, when it comes to protecting Canada's technology and national security?
The purpose of the Investment Canada Act is clear. Clause 2 of the act reads:
"Recognizing that increased capital and technology benefits Canada and recognizing the importance of protecting national security, the purposes of this Act are to provide for the review of significant investments in Canada by non-Canadians in a manner that encourages investment, economic growth and employment opportunities in Canada ..."
I was the sponsoring minister in July 1985 when the act became law.
Full Article continued here ...Toronto Star Jul 31, 2009 04:30 AM
Sinclair Stevens was a minister in the Progressive Conservative governments of Joe Clark and Brian Mulroney.
