Category: Cost to Taxpayer

Export Development Canada investigation into SNC-Lavalin

The news EDC is to investigate allegations that its support of SNC-Lavalin’s Matala Dam project in Angola was used to pay bribes has us on pins and needles. How thorough will the investigation be? Will we ever learn the results?

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What the SNC board may have known about the firm’s dealings in Libya — like the office safe with $10M cash

High-paid former directors could face tough questions if SNC-Lavalin bribery trial goes ahead. “What’s your role on the board if not to protect the corporation from acts of bribery and from doing things that are illegal?” asks Patricia Adams of Probe International.

SNC-Lavalin insider’s bribery allegations spark probe by Crown agency that loaned the firm billions

Export Development Canada launches review of 2011 deal with engineering company. This CBC News report includes comments from Patricia Adams of Probe International who says if there’s any truth to the allegations EDC money was used for bribes, it implicates all Canadians: “[EDC] operates on the Queen’s credit card. That means that it operates on our credit cards.”

Repeal the Act and privatize this Canadian SOE

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.

Immunity from scrutiny: Canada’s Access to Information Act hobbles democracy

(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.

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.

Letter to the Editor

(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.

Minister’s numbers don’t add up

(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.