Let me help Minister Clyde Jackman - OCI made a hefty political contribution

Last week Minister of Fisheries Clyde Jackman issued the following News Release:

Company Named to Assess Finances of Marystown Processing Plant

As part of its response to concerns about the viability of the Ocean Choice International (OCI) processing plant in Marystown, the Provincial Government issued a request for proposals for an independent assessment of the financial health and viability of the plant. The Honourable Clyde Jackman, Minister of Fisheries and Aquaculture, today announced that Deloitte has been chosen to carry out the assessment and will begin work immediately.

“We are taking an important early step toward resolving an issue of great importance to everyone connected with the Marystown plant,” said Minister Jackman. “This assessment will be valuable because it will give insights about the issues causing financial difficulty at the facility, the long-term planning and prospects of the plant, and the possibility of making changes operationally or financially to improve the fortunes of the operation.”

OCI acquired the facility in 2007 as part of a purchase of assets from the former Fishery Products International Limited. As part of the acquisition the Provincial Government had OCI agree it could only close the facility if it incurred significant losses with no reasonable prospect of eliminating those losses in the future, and on the condition that those losses were not the result of deliberate decisions by OCI. Deloitte will verify the past financial performance of the plant in each year of operations since the acquisition, and will evaluate the financial and operational parameters of OCI’s yellowtail flounder harvesting and processing to determine the outlook for the facility.

“I look forward to receiving the assessment and I encourage the continuation of meaningful dialogue between the union and the company so that the best possible outcome can be achieved,” said Minister Jackman.

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So let's examine the finances shall we. Well since OCI purchased the asset I can confirm that the company contributed $15,375 dollars to the PC's in non-election years. I can further confirm that Pennecon Energy Ltd. contributed $4250 and Pennecon Ltd. contributed $9750 to the Tories in 2010 alone. I don't know but if a plant is failing and the finances are being examined you certainly do not have the money for such generous political contributions - UNLESS - you expect political favours that may mitigate the financial duress - right?

Money talks but it don't fish and vote and it don't walk. As long as you are here with me - I'd much rather be investing in PC's. (with apologies to Neil Diamond)