Categories: BusinessCanadian NewsPolitics

Canadian state owned bank lent a family $41 million to buy a jet. Now the jet is missing.

According to the Washington Post; Export Development Canada, our state-owned import-export bank provided a $41 million loan to the Gupta family to allow them to purchase a private luxury jet.

The Gupta’s are wealthy Indian-born South African family whose most notable members are the brothers Ajay, Atul, Rajesh “Tony” Gupta as well as Atul Gupta’s nephews Varun, and US-based Ashish and Amol. The Gupta family owns a business empire spanning computer equipment, media and mining, and has been the focus of widespread scrutiny because of its close ties to Jacob Zuma during his Presidency.

Also according to the Washington Post… that Jet is missing, the family has defaulted on the loan… and the family may be ready to use it to help them evade justice.

“EDC was helping Bombardier Inc., the Canadian aerospace firm, land the jet sale. But that turns out to have been a poor bet: EDC now says the family defaulted on the loan in October and still owes the bank $27 million.”

“There is a very real concern that the aircraft may be used to escape justice or for some unlawful means,” wrote EDC

I am simply blown away by this entire story. How does a deal go so bad? More importantly, why is Canada’s state-owned bank and Bombardier working with such shady individuals?

Let us know your opinion below!

Yanky Pollak

Yanky is an activist, business owner, and photographer.

Comments

  • MSM reports that this loan was made in early 2015 - not under the current gov't. Is this a fact?

  • This is why governments should never be allowed to pick winners and losers. They are terrible at it

  • I am now not certain the place you are getting your information, however great
    topic. I must spend a while finding out much more or working
    out more. Thank you for fantastic info I was looking ffor this into for my mission.

Recent Posts

Toronto hotel gets one star reviews since accepting refugees due to harassment and overcrowding complaints

Another customer stressed that the hotel is not safe for children and complained about unacceptable conduct from teenagers towards his…

1 day ago

Conversation, Not Censorship Is the Path YouTube Should Follow

The only way to defeat bad ideas is with better ideas.

2 days ago

Does the Conservative party have a future in Quebec? What about the immigration debate? An interview with Benjamin Tremblay PART 2

The future of the Conservative party in Quebec is diminished by Maxime Bernier's new party

3 days ago

Scrapped! Ford government tears down Wynne’s costly Green Energy Act

Conservative Premier Doug Ford officially announces plan to repeal the Liberal government's Green Energy Act.

3 days ago

America’s Congressional deadline to finalize NAFTA deal nearing, Canadian Foreign Minister will not settle

Foreign Affairs Minister, Chrystia Freeland, has revealed to reporters in Washington that her intention to maintain NAFTA is rooted on…

3 days ago

Is Trudeau serious about developing the Trans-Mountain pipeline?

Although PM Justin Trudeau assures the public that the Trans-Mountain expansion will be completed, his political alliances are casting doubt…

4 days ago