Category: Export Credit

EDC is buying off its opponents public-private collusion to create export cartel

(November 18, 1999) In 1993, the federal government greatly expanded the powers of the Export Development Corp. by allowing it to move into the private sector’s turf and finance Canadian firms’ activity in Canada. As a sop to the banking and insurance industries, which cried foul upon learning that they would soon face unfair competition from this Crown corporation, the government promised to review the new EDC legislation five years hence. That review, conducted by the law firm of Gowling Strathy & Henderson and now before the standing committee on foreign affairs and international trade, fails utterly to address EDC’s fundamental problems.

Acres International replies

(August 27, 1999) We feel compelled to correct the record as it has been characterized in Patricia Adams’ commentary. Ms. Adams refers to Acres International and suggests that monies were improperly paid by our company to an official with the Lesotho Highlands Development Authority (LHDA). This is simply not the case. We did not make any such payments, and we have no knowledge of any improper transactions.