Banking mogul suing government after intelligence leaks leave him shut out of Canadian economy
CTV
Chinese Canadian banking mogul Shenglin Xian has launched a $300 million lawsuit against the federal government. It’s a means to find the source of intelligence leaks which Xian says has cost him his livelihood.
Chinese Canadian banking mogul Shenglin Xian has launched a $300 million lawsuit against the federal government. It’s a means to find the source of intelligence leaks which Xian says has cost him his livelihood.
Xian, the founder of Wealth One Bank, alleges in his statement of claim that the federal government was negligent in failing to prevent the “unauthorized and unlawful disclosure of secret and confidential information” that resulted in “unsubstantiated claims” about foreign interference and money laundering published about Wealth One in media reports.
“My client Shenglin Xian was a victim of mass dissemination of false information that went into the public record,” said Toronto lawyer Joel Etienne.
“What we're trying to do is get to the truth. What we want is transparency and what we want is full vindication.
The statement of claim filed in Ontario Superior Court on May 8 names the Attorney General of Canada, the Director of the Canadian Security Intelligence Service, the RCMP Commissioner, and the Globe and Mail. An ex-Mountie and former CSIS director who work together at the consultancy firm Critical Risk Team are also named in the suit. CTV News has quoted experts from the firm in previous stories on foreign interference not related to Wealth One Bank.
The lawsuit also alleges that CSIS was fully aware that “human sources can be mired by racial, xenophobic and ethnic biases” yet the public assumes information from CSIS is “reliable” which makes the leaks particularly damaging.
The claim states that Xian has been “effectively banished from the Canadian economy.” The 69-year-old has been forced to divest from the bank he built. Wealth One Bank, which caters to newcomers, has been forced to lay off staff after losing customers, and Xian says he can’t even get a bank card.
