"We can't allow things that are inaccurate to stand." — The Word of Our Dan, February 19, 2008.

Thursday, April 22, 2010

Why We Expropriate

MS JONES: Mr. Speaker, I would like to remind the minister that during those briefings, as well, we were also indicated that there would be a net zero cost to the Province as a result of all of this, in terms of the exchange of assets and environmental liabilities. Mr. Speaker, I can only say that I hope they do not have the same legal counsel on their lawsuit on the Upper Churchill as they had on the Abitibi deal.

Mr. Speaker, we know that AbitibiBowater had partners on the power projects on the Exploits River, namely Fortis, and the Italian company Enel, and there was some question as to what compensation those companies would be entitled to receive from government for their losses and the timeliness of such payments.

So I ask the Premier today, have any discussions taken place with these companies, and has government provided any compensation as a result of the expropriation?

MS DUNDERDALE: Mr. Speaker, let me say, first of all, that the Province has in its possession, in trust for the people of Newfoundland and Labrador, the generation assets on the Exploits River as well as hundreds of thousands of hectares of fibre that can be put to the use to drive the economy of Newfoundland and Labrador, Mr. Speaker.

SOME HON. MEMBERS: Hear, hear!

MS DUNDERDALE: And the value of that is not to be underestimated. Even in terms of our pride and being the stewards of our own natural resources and using them to the advantage of the people here in the Province.

Mr. Speaker, we made a promise when we did the expropriation that partners involved in the generation of Exploits River will be kept whole. We are still working through that process. We hoped that it would be concluded sooner than it is. The legal processes that Abitibi has engaged in under bankruptcy protection have slowed all of that process. We are working through it, but we intend to stand by our word.



At 11:23 PM, April 22, 2010 , Blogger Mark said...

He holds our pride in trust for us?


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