Connect with us

Hi, what are you looking for?

Daily Market SolutionDaily Market Solution

Investing

TikTok’s Canada unit seeks judicial review of shutdown orders

(Reuters) – TikTok’s Canada unit filed an emergency motion with Canada’s Federal Court seeking a judicial review of an order that the company shut down its operations in the country on national security concerns, it said in a statement on Tuesday.

The Chinese-owned social media app requested the court set aside a government order requiring TikTok to wind-up its business in Canada, a filing dated Dec. 5 showed.

As an alternative, the filing said the court could set aside the order and return it to the government for review along with guidance.

Ottawa last year began investigating TikTok’s plan to invest and expand its business in Canada.

The review led to a government order last month that required the firm to end its Canadian operations because of national security concerns.

Closing its Canadian business would lead to hundreds of job losses, TikTok argued in its statement on the legal challenge.

“We believe it’s in the best interest of Canadians to find a meaningful solution and ensure that a local team remains in place, alongside the TikTok platform,” it said.

Under Canadian law, the government can assess potential risks to national security from foreign investments, such as the TikTok proposal. The law prevents the government from revealing the details of such investments.

Last month’s order stopped short of blocking Canadians’ access to the popular social media platform. TikTok has more than 14 million monthly users in Canada, according to the company.

Canada’s Ministry of Innovation, Science and Industry did not immediately respond to a Reuters request for comment outside regular business hours.

The Canadian order followed similar action in the U.S. where President Joe Biden in April signed a law requiring Bytedance, which owns TikTok, to sell its U.S. assets by Jan. 19, 2025 or face a nationwide ban.

On Monday, TikTok and Bytedance separately asked an appeals court to temporarily block the law pending a Supreme Court review.

This post appeared first on investing.com







    You May Also Like

    Editor's Pick

    Extremist supporters of former president Donald Trump are lashing out online against Usha Vance, the wife of Trump’s running mate, Sen. J.D. Vance (R-Ohio),...

    Investing

    Overview Energy Fuels (TSX:EFR,NYSE:UUUU) has been the largest producer of uranium in the United States and an emerging producer of rare earth elements (REEs)....

    Investing

    Investor Insight Silver prices breached $30/oz in the second half of May 2024 as investor demand drove prices to their highest in more than...

    Investing

    Overview Flynn Gold Limited (ASX: FG1) is an Australian mineral exploration company with a portfolio of projects in Tasmania and Western Australia. Tasmania is...

    Disclaimer: Dailymarketsolution.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 dailymarketsolution.com