ANGUS CALLS ON LIBERALS TO DEFEND NORTHERN SEARS WORKERS
October 23rd, 2017 - 2:56pm
Charlie Angus said today in the House of Commons that the Liberal government needs to take strong corrective action to protect Sears workers after it emerged that the firm Morneau Shepell would administer the beleaguered company’s pension fund.
Morneau Shepell was recently in the public eye when it became known that the Finance Minister still held a substantial stake in the firm, originally founded by his father. The Minister held shares through a holding company wholly controlled by the Minister and his family. Since the Finance Minister was elected, this holding company has accrued substantial dividends from the shares in Morneau Shepell.
While the Finance Minister recently divested himself of these shares once it became public, Angus asserts that Sears workers still deserve action and more transparency from the government. Angus called on the Prime Minister today to take action.
“In Timmins, Sudbury, Thunder Bay, and North Bay, the pension savings of Sears workers are on the line while the hedge fund operators and creditors move in. This kind of pension raiding is not only legal in Canada, corporate insiders get bonuses for doing it.”
Angus pointed out that the Liberal government has refused to take action to protect pension funds as preferred creditors in cases of corporate bankruptcy.
“The Finance Minister being forced to sell those shares isn’t enough. Will the minister work with the NDP to change the law to protect pensions in corporate bankruptcy or will he continue to protect the interests of his corporate pals?”
Earlier this year, Sears attempted to suspend dental, health and pension benefits to employees while paying $9.2 million in corporate bonuses.
In Timmins, Sudbury, North Bay, Thunder Bay the pension savings of Sears workers are at the back of the line as hedge fund operators and creditors move to the front of the line.
In Canada this kind of pension theft is not only legal the corporate insiders get bonuses for doing it.
Since being in office the Finance Minister has made a fortune off Morneau Shepell who are now in charge of the Sears pension fund.
Selling those shares isn’t enough.
Will he work with the NDP to change the law to protect pension in corporate bankruptcy or will he continue to protect the interests of his corporate pals?