A Globe and Mail investigation of Export Development Canada (EDC) reveals “a pattern of secrecy and lax supervision”. Probe International’s Patricia Adams says EDC is an unaccountable “institution out of control”.
Here’s what you need to know about the most powerful financial institution you almost never hear about.
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?
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.
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.”
Patricia Adams, economist and executive director at Probe International, joins BNN Bloomberg to discuss why she thinks SNC-Lavalin must go through a criminal probe if Canadians are “ever to know who did what” in the case.
DPAs don’t cut it, says Patricia Adams of Probe International. A trial here or elsewhere would not only expose who knew what and when within the firm; it would also expose who in government might have been involved.
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.