Canada: Issued order to dissolve Bluvec Technologies and Pegauni Technology under the Canadian Investment Act

On 24 May 2024, the Department for Innovation, Science and Economic Development of the Government of Canada issued an order to dissolve Bluvec Technologies Inc. and Pegauni Technology Inc. due to national security concerns. Both companies were served dissolution orders and instructed to cease all operations in the country under the Investment Canada Act. Under the Act, the federal government has the power to review foreign investments to ensure they benefit Canada's economy. Additionally, it grants the government the authority to review investments of any size for national security concerns.