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Reid shocked by Minister Taylor's comments Calls for inquiry into Fishery Products International November 8, 2005
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Opposition Leader Gerry Reid says he is shocked by comments made by
Fisheries Minister Trevor Taylor stating that any decision by Fishery
Products International (FPI) to close plants would have little impact on the
province’s economy. Reid is also calling on government to initiate an
inquiry into the financial management of FPI and the influence of FPI board
members in the decision-making process, some of whom are direct competitors
of the company. "I was absolutely shocked to hear Minister Taylor’s comments downplaying the significance of FPI’s presence in the province," said Mr. Reid. "On yesterday’s Fisheries Broadcast and in today’s Telegram, the minister is quoted as saying that any decision by FPI to downsize will have very little impact on the economy of the province. If this is the case, what is the minister suggesting to the people of Burin, Marystown, Fortune, Catalina, Bonavista, Triton and Port au Choix? Will the impact on their towns be minimal? If hundreds of people lose their jobs, this certainly warrants the full attention of the Premier and Fisheries Minister. "I am calling on government to initiate an inquiry into the financial management of FPI in this province. The company has already broken their commitments made to the people of the province in 2002. The new board of directors, some of whom are direct competitors of FPI, have increased the debt of the company from $75 million to $288 million in just three short years. Is this financial mismanagement? "There are many fishing companies in this province that are experiencing the same problems being experienced by FPI. The high Canadian dollar and competition from China are not only affecting FPI, but other companies in the province. These companies are not experiencing the same dire impact as FPI. Is the master plan to drive this company into bankruptcy so that its competitors can come along and pick up its assets at a reasonable price? There is something wrong at FPI and I am calling upon government to get involved and find out what is happening."
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