MASSIVE ONTERA LOSS CONFIRMEDSeptember 29, 2015
QUEEN’S PARK – The government’s Public Accounts released this week confirms a
massive loss for Ontario taxpayers as a result of the sale of Ontario Northland’s former
telecommunications arm, Ontera, Ontario PC Finance Critic and Nipissing MPP Vic
Fedeli revealed today.
Fedeli has repeatedly asserted inside and outside of the Legislature that the Ontera sale
actually cost the government between $50 and 70 million.
“For more than a year, Liberals dodged and deflected questions regarding my discovery
of this massive loss; now we know it cost the government nearly $61 million to sell this
valuable asset for only $6 million,” said Fedeli.
Ontario Northland’s Financial Statement released as part of the Public Accounts report
states a “loss on disposal of shares of Ontera” of $60,937,000, and that “the
Government provided a one-time contribution of $52,092,000 to support the sale of
Ontera” (Public Accounts of Ontario, 2014-15, Volume 2B, pages 1-253 and 1-260).
“The government was told that selling Ontera was a losing proposition, but didn’t listen at
the time. Now they’ve been forced to admit it after the fact. And now they want
Ontarians to trust them with the much larger and more complex sale of Hydro One?”
“This is yet another shameful example of how the Wynne Liberals continue to ignore
Northern Ontario and put their self-interest above the interests of Northerners.”
Fedeli is hopeful the Auditor General will provide more clarity on the reported loss when
she releases her upcoming annual report later this fall.
“Once again, we’re forced to rely on the Auditor to get to the truth with this government.
They can’t be trusted and just aren’t in it for Ontarians anymore,” Fedeli concluded.
For more information, or to arrange an interview, contact:
(416) 325-3434 or (416) 710-1752