Mr. Speaker, I am pleased to have a few moments to rise and speak about this question that I raised in the House not too long ago.

In my view, the Conservative government has once again proven its incompetence when it comes to reviews under the Investment Canada Act. It is unclear, in fact, whether the interests of vulnerable Canadians are being properly protected.

I asked a question about Nordion and what is happening with it. I am thinking of those Canadians who rely upon medical isotopes for medical diagnosis and treatment.

Despite repeated promises to make the Investment Canada Act more transparent and to provide a clear definition of net benefit, we have another case that is shrouded in secrecy and uncertainty. I am talking about the $800 million deal for a United States company to acquire Kanata-based Nordion.

Before the government approves this deal, we should know the criteria it will use to assess the transaction, but we do not. Since the sale means that Nordion, which supplies medical isotopes, will become private, there should also be some assurances given to Canadians who rely on medical isotopes.

Sterigenics Inc., which wants to acquire Nordion, is a sterilization services company, and it is owned by a Chicago-based private equity firm. Nordion's CEO says the transaction delivers value to shareholders and is a good, strategic fit. We take him at his word.

However, we still need to ensure that it is also in the best interests of all Canadians, and especially those who need a safe and secure supply of medical isotopes.

According to media reports, Sterigenics said its initial focus will be on the use of cobalt-60, a radioactive isotope used to sterilize medical equipment.

Nordion officials said Sterigenics is supportive of Nordion's continued efforts to secure a long-term supply of medical isotopes.

However, before the deal goes through, the government would have to also lift foreign investment restrictions that currently apply to Nordion. These restrictions prevent non-residents from controlling more than 25% of Nordion, which of course is involved in the nuclear industry in Canada.

There are measures in the Conservative omnibus budget bill to remove that restriction, so some may think that the government approved the deal even before it reviewed it, because it has these measures in the budget bill and it has not even reviewed the deal yet.

Of course, the Conservatives will say the sale is a net benefit to Canada, because it just happens to define what net benefit means.

This decision has been and continues to be worrisome, and we are all too aware of the consequences of a shortage of medical isotopes.

I look forward to hearing the answer to this important question from the government side.

Geoff Regan

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