Great. The lives of seniors in B.C. care homes, where they are already over-drugged and under-supported, now depend in part on the Chinese government.
On Friday, the government seized control of Anbang Insurance Group, a financial giant with investments around the world. It cited corruption, fraud and a risk the whole $390-billion company could go broke.
Last year, Anbang spent an estimated $1 billion to buy Residential Concepts, which operates 21 seniors homes in British Columbia. It’s the biggest private provider in the province, collecting $87 million from the provincial government in 2015/16.
Anbang has no experience in seniors care. Its finances were murky and ownership so tangled as to be incomprehensible. It offered no promises of additional investment in the company or increased employment. Concerns about its business practices were already widespread.
But to promote its pro-China agenda, the Trudeau government turned a blind eye to the risks — and shifted them to seniors. Ottawa quickly approved the takeover, and the provincial government offered no objections and transferred operating licences to the Chinese company.
You can read the rest at The Tyee here. It's pretty good.
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