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.
Better to develop trading relationships with tomorrow’s winners than to tie our fortunes to an economy that can pull us down.
(June 27, 2013) The Kerala High Court has directed India’s Central Bureau of Investigation (CBI) to divide the SNC-Lavalin trial charge sheet so the trial can begin. Two of the nine accused, SNC-Lavalin VP Klaus Triendl and SNC-Lavalin itself, have failed to appear in court despite several summons. According to press reports, Indian authorities are now seeking the extradition of Mr. Triendl, but Canada’s Department of Justice won’t confirm or deny the existence of the extradition request “due to the confidential nature of state-to-state communications.”
(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 28, 2013) India’s Central Bureau of Investigation (CBI) told its special court last month that two of the accused in the notorious SNC-Lavalin hydro-dam graft case were “interfering” with the court’s decision to secure the presence of Klaus Triendl, the former vice-president of Canadian engineering giant SNC-Lavalin and the sixth accused in the case. The two accused in question had requested the charge sheet be divided in order to facilitate the speedy trial of those who had already answered the summons of the court in connection with the case. The court has since dismissed their plea, however, saying there was no reason to think that the presence of Triendl could not be obtained within a reasonable time and set April 24, 2013 as the new date to hear the corruption case.
(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.