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JEM: controversial loan guarantee from Investissement Quebec

verificatrice-generale-quebec-met-doigt(Bromont) Another tile fell on the head of the World Equestrian Games. Despite himself, the COJEM is at the heart of a controversy. The Auditor General of Quebec puts his finger in his report filed Thursday on an irregularity in connection with a loan guarantee of $ 6 million from Investissement Quebec to COJEM for holding the World Equestrian Games in Bromont, three times than the maximum allowed in the own funds of IQ. The situation was discussed in the National Assembly by the PQ MNA Sanguinet, Alain Therrien, who addressed the Minister of Economy, Dominique Anglade.

“We found that IQ conducted entirely its own capital arises because of requests from government officials,” wrote in his report the Auditor General. She added that the WEG in 2018 respond to a Fund economic development program (FDE) from Investissement Quebec.

“Besides, the COJEM asked the government to benefit from the program and obtain a loan guarantee. A favorable opinion from the Ministry of Tourism was issued September 19, 2014. However, the amount requested exceeded the maximum amount allowed by this program ($ 2 million). In March 2015, a letter of surety of $ 6 million was issued to the COJEM IQ as part of its own financial interventions. However, such a form of intervention does not match that usually performs IQ in its own capital. The urgency of meeting the needs of COJEM was raised. We would therefore have expected that an order be obtained to confirm the government’s desire to participate in this project in the same EDF. ”

Mr. Therrien reported Friday morning from the report in which members of Investissement Québec’s Board of Directors unanimously expressed their “serious discomfort” for the government to interfere in the decisions of the organization. The member has asked during question period, namely “who twisted the arm to Investissement Québec for this loan there?”.

Minister Anglade did not respond to questions from Mr. Therrien and merely stated that the ten recommendations of the Auditor General will be used for an action plan that will be tabled in the coming months.

The PQ MNA has also alleged that four members of the World Equestrian Games committee have contributed to the Liberal Party of Quebec in the past two years. Interim President, Rosaire Houde, argued in an interview with Radio-Canada, having attended a party for Pierre Paradis, Liberal MP for Brome-Missisquoi, in late October 2015 and had, on that occasion, made a contribution $ 100. “But it is well after the loan guarantee,” he said.

The COJEM said he was very surprised of the member and ending up in the heart of this controversy. The organizing committee said they needed $ ces6 million for the Games to the International Federation.

Also interview with state television, the MP assured Therrien does not put the blame on the COJEM but rather on the government for its interference and favoritism for “his friends” and surMme Anglade who believes-t- he does not know his files.

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