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!

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

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    topic. I must spend a while finding out much more or working
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Yanky Pollak

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