Canada has come full circle, with prosecution of corporate crimes again determined by politics. Read the latest from Probe International’s Patricia Adams on SNC-Lavalin in today’s National Post opinion.
In its submission to Ottawa’s 2018 Legislative Review of the Export Development Act, Probe International calls for a repeal of the Act and the privatization of Export Development Canada (EDC). Probe argues the federal government’s export-financing agency shares many of the same characteristics as China’s controversial state-owned enterprises (SOEs), characteristics that ensure market distortion and stunt private development.
Activists call the agency “essentially self-governing” in the areas of environment, human rights and anti-corruption.
The Muskrat Falls hydroelectric project in Labrador needed a federal guarantee to get off the ground, which in itself testifies to its iffy economics, writes Konrad Yakabuski for the Globe and Mail. Now, he says, Newfoundland’s shrinking population faces paying for Muskrat Falls in more ways than one.
(February 13, 2013) EDC environmental decisions virtually immune from judicial review. Crown corporation sets standards and can exempt projects on its own say so.
(January 7, 2013) Canada’s Access to Information Act perversely gives Export Development Canada (EDC) the legal power to keep records of its operations secret, charges Probe International. In its submission to the Office of the Information Commissioner’s review of Canada’s 30-year-old Access to Information Act, Probe International declares it is time to reform the Act and remove EDC’s extraordinary privileges.
(July 4, 2012) Chile’s HidroAysén mega-dam scheme is suddenly on hold as one of the owners of the controversial dam scheme suspends its support for the risky project.
PRESS RELEASE Export Development Canada keeps taxpayers in the dark, says Rosen and Associates Limited
(June 14, 2005) A report by one of Canada’s leading forensic accounting firms, Toronto-based Rosen and Associates, criticizes the 2003 annual report of Export Development Canada for not differentiating between commercial and politically-mandated activities. EDC is a crown corporation that in 2003 backstopped $51.9 billion in exports and international investments by Canadian enterprises. The Rosen and Associates study focused on the financial reporting relating to EDC’s loan portfolio.
(October 21, 2002) Recent articles ignore EDC’s financial performance, ability to manage risks, fact that EDC is fully accountable to Parliament, EDC’s track record of consistent profitability, and contribution to Canada’s economy, writes EDC CEO Ian Gillespie.
(March 23, 2000) International Trade Minister Pierre Pettigrew’s glowing presentation in the House of Commons this week of large profits at the Export Development Corporation — and a 50-year total of "only $1 billion" in federal grants to the trade agency — is undermined by the Chretien government’s quiet write-off of $800 million in bad EDC loans since 1992.
(March 18, 2000) $2.8 billion in bad debts is almost 3 times amount of Shovelgate grants; Even Canada’s auditor general doesn’t know who owes what.
Statement to the Standing Committee on Foreign Affairs and International Trade on the Review of the Export Development Act
(November 16, 1999) Patricia Adams’s Statement to the Standing Committee on Foreign Affairs and International Trade
(October 8, 1999) Probe International believes that the Gowlings report is biased in favour of those who wish to maintain EDC’s privileged status.
(March 21, 1995) Last November, while leading his Team Canada mission in China, Prime Minister Jean Chretien shocked Canadians by announcing Canadian government support for the mammoth Three Gorges dam project on the Yangtze River, and his intention to use tax dollars to help finance this controversial project.