Is this one of our Corporate Heroes?
Most Canadians who read the news are familiar with Bombardier ; that trains and planes manufacturer out of Quebec.
What may not be so familiar is the fact that they have received generous amounts of the tax payers’ money over the years. Many many millions.
Well just recently they got more : $372.5 million more from Canadians . And Quebecers while paying their fair share of that also own part of Bombardier —paying one billion dollars. Mark Milke of the Fraser Institute indicated in an article that Bombardier received over one billion dollars from the Canadian Federal Government . And for that part that was to be repaid , well, he could not find out about that ! And he discovered that the company also got money from the UK Government!
Wouldn’t you believe that while they were seeking more of our money last year that they feasted upon pay raises for themselves , almost 50% increase no less. From $21 million per year for five executives to $32 million . No bad!
‘CEO Alain Bellemare received US$9.5 million, up from US$6.4 million in 2015, including US$5.2 million in share and option-based awards and a US$1 million salary. His annual bonus almost doubled to US$2.36 million.’
To rub it in the Prime Minister and Premier defended their investments notwithstanding this greedy behaviour. Some Quebec politicians expressed concern it should be pointed out.
End of story? No.
It seems that Bombardier Sweden , Bombardier Transportation its called in Sweden, has a big problem. According to an article on the think tank website McDonald Laurier written by Marcus Koloa :
‘ Bombardier has been implicated in web of corruption that was first revealed in the Panama Papers. At its center is a shady Kremlin connected offshore, Multiserv Overseas Ltd, which has served as slippery intermediary for transactions between BT Sweden and various Russian joint ventures.’
The article goes on to say :
‘In an official Bombardier email, filed as evidence by Swedish prosecutors, a member of the Bombardier corporate team writes that arrested employee Evgeny Pavlov, “more or less admitted that Multiserv is in his view owned by the management of the public sector companies involved in these trades and used as a vehicle to siphon monies from the public sector into private pockets? The question then was whether we really wished to be involved in that. Is there any update on this?” The email indicates that members of Bombardier staff were aware of Multiserv’s function as a mechanism that facilitated corruption.’
I could not find any mention of this in the regular news outlets yesterday. Surprise!