NDP Minister Jim Rondeau Discredited
It's a sad day in the Manitoba Legislature when the words of a Minister of the Government are shown to be so clearly deceptive. This occurred with respect to Minister Jim Rondeau and his comments regarding Crocus - as shown in the Matter of Privilege I raised below. It was also eerily telling that not one member of the NDP government rose in defense of Minister Rondeau.
Matter of Privilege
Mr. Gerrard: Mr. Speaker, I rise on a matter of privilege. This is a serious matter, again, using rules 114 and 115 in Beauchesne's. I would refer you to the words of the Minister of Industry, Economic Development and Mines on May 31, 2005, in this Chamber.
The minister said, and I quote: Mr. Speaker, the member opposite is raising an important question, and I would like to clarify the fact that the government was not aware of, nor was I aware of before December 10, meaning December 10, 2004, any problems of valuations at the Crocus Investment Fund. That has been consistent, that is what I said before, and that is what I remain. Before the public announcement on December 10, we did not know the issue of valuations.
Mr. Speaker, I table today a document which makes it very clear that the Minister of Industry, Economic Development and Mines very seriously misled this Chamber when he indicated that he was not aware of problems before December 10. This document is a briefing note to the Minister of Industry, Economic Development and Mines on November 9, 2004, a month earlier than December 10. This document has only recently become available, so I present this information at the first possible opportunity.
I quote from the document as follows: "Crocus states it may not be able to sell off investments for enough cash to cover costs." This is clearly information that the shares are not worth what they're valued at. The document emphasizes the need for Crocus to reconcile its investment portfolio, clearly a recognition that Crocus shares were not worth what they were trading at, as we now well know.
The document talked about, and I quote, "the current Crocus Fund is likely unsustainable," clearly emphasizing its portfolio was not worth as much as what was being said at the time. There were problems with valuations, and the minister knew it much before he indicated.
Furthermore, the document says: In late September the Crocus board reduced the net asset value per share by 10 percent by devaluing its investment portfolio. Right there, problems with valuation. The minister knew one, two, three, four, all the way he knew, long before December 10. This briefing note to the Minister of Industry, Economic Development and Mines on November 9, 2004, is a very clear example of this minister deliberately misleading the Legislature and the people of Manitoba.
Mr. Speaker, I move, seconded by the MLA for Inkster, that this matter be referred to a committee of this Legislature.
Mr. Gerrard: Mr. Speaker, I rise on a matter of privilege. This is a serious matter, again, using rules 114 and 115 in Beauchesne's. I would refer you to the words of the Minister of Industry, Economic Development and Mines on May 31, 2005, in this Chamber.
The minister said, and I quote: Mr. Speaker, the member opposite is raising an important question, and I would like to clarify the fact that the government was not aware of, nor was I aware of before December 10, meaning December 10, 2004, any problems of valuations at the Crocus Investment Fund. That has been consistent, that is what I said before, and that is what I remain. Before the public announcement on December 10, we did not know the issue of valuations.
Mr. Speaker, I table today a document which makes it very clear that the Minister of Industry, Economic Development and Mines very seriously misled this Chamber when he indicated that he was not aware of problems before December 10. This document is a briefing note to the Minister of Industry, Economic Development and Mines on November 9, 2004, a month earlier than December 10. This document has only recently become available, so I present this information at the first possible opportunity.
I quote from the document as follows: "Crocus states it may not be able to sell off investments for enough cash to cover costs." This is clearly information that the shares are not worth what they're valued at. The document emphasizes the need for Crocus to reconcile its investment portfolio, clearly a recognition that Crocus shares were not worth what they were trading at, as we now well know.
The document talked about, and I quote, "the current Crocus Fund is likely unsustainable," clearly emphasizing its portfolio was not worth as much as what was being said at the time. There were problems with valuations, and the minister knew it much before he indicated.
Furthermore, the document says: In late September the Crocus board reduced the net asset value per share by 10 percent by devaluing its investment portfolio. Right there, problems with valuation. The minister knew one, two, three, four, all the way he knew, long before December 10. This briefing note to the Minister of Industry, Economic Development and Mines on November 9, 2004, is a very clear example of this minister deliberately misleading the Legislature and the people of Manitoba.
Mr. Speaker, I move, seconded by the MLA for Inkster, that this matter be referred to a committee of this Legislature.
posted by Jon Gerrard @ 7.4.07
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