Sponsoring sale of Allen-Vanguard is an EDC ethical violation
To: complianceofficer@edc.ca
Cc: ignatieff.m@parl.gc.ca, LaytoJ@parl.gc.ca, HarpeS@parl.gc.ca
EDC:
The participation of EDC in the Allen-Vanguard sale to Versa Capital is not ethical, nor is it in the EDC mandate for foreign companies, edc.ca.
An ethics violation clearly exists with the CFO of Allen-Vanguard Peter Allen, being the former Executive Vide-President and CFO of Export Development Canada.
Selling assets to a US private corporation for pennies on the dollar, and financing the sale via Canadian funds that are reserved for the Export Development of Canadian interests is ludicrous. The company buying Allen-Vanguard is a corporate capital investment firm - NOT in need of a Canadian taxpayer funded loan, ccpfund.com.
There is no ongoing sale of Canadian products that are being financed to a US product buyer - this is an outright purchase of the Canadian privately traded company to a US private equity company, why Canadian tax dollars are backing this deal is questionable. The representatives of EDC who negotiated this deal, knowing full well that this deal provided no remuneration to thousands of Canadian shareholders of Allen-Vanguard, have zero ethics, moral, or integrity.
The fact is that numerous patents and products have been developed by Allen-Vanguard at Canadian research laboratories - are now in US hands.
Products researched, designed, and developed by our Canadian Military - at considerable taxpayer expense - are now licensed to a private US company - financed by Canadian tax dollars through EDC.
This US company, Versa Capital Management., will use the EDC funds to develop these assets for multiple US IPO's (Initial Public Offerings) of many US companys that will net 100's of millions of dollars, is that the best use of Canadian EDC taxdollars ?
I will provide the data required in your guidelines for filing a complaint below:
* Your name, address and other contact information such as phone and fax numbers, cell phone, email address.
* If you are representing a complainant, please provide contact information for yourself and the group/person you are representing.
* Background information on your complaint, including the names of any people you may have dealt with in an attempt to resolve the issue or raise your concerns.
* A clear statement outlining your opinion of the social, business or environmental impact of the problem.
* Your opinion on the desired result or outcome of an investigation (this way we have a clear understanding of what you expect from the process).
* What has been done to solve the problem, including any previous contact with EDC.
Regards,
XXX |
