MCNEIL: QUESTIONS AROUND DAEWOO DEAL TO IMPORTANT TO IGNORE
Date: Tuesday March 9, 2010

(Halifax, NS) Liberal leader Stephen McNeil says the NDP government has left many questions unanswered when it comes to the province’s $60 million deal with Daewoo.

“When you boil it down, Nova Scotia taxpayers have fronted two-thirds of the money for less than half of this joint venture with Daewoo,” states McNeil. “What the NDP haven’t made clear is whether Nova Scotia taxpayers are on the hook for any losses this project may incur.”

McNeil believes the decision to spend tens of millions of public dollars was a political one - made not through the business lens of Nova Scotia Business Inc., but instead around the cabinet table.

McNeil has been advocating that the Industrial Expansion Fund be managed by NSBI so that Nova Scotians can have a level of comfort that the right business decisions are being made.

“Where is the business case for this venture? Where is the data that assures Nova Scotians that this significant investment of their money was made wisely? We haven’t seen any,” says McNeil. “These questions would have answers if NSBI held the IEF’s purse strings.”

While the Liberal leader welcomes the 120 jobs for the region, he’s concerned that the $60 million price tag is too steep for a province trying to make ends meet.

“At half a million dollars per position, these are some of the most expensive jobs ever created in Nova Scotia,” says McNeil. “How and when does the taxpayer get a return on our investment?”

“We need to know that Nova Scotians are protected in the event this project doesn’t meet this government’s lofty expectations.”

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