MPs ask whether pulp giant's revamped board is Canadian enough
Seth Kursman, spokesperson for Resolute Forest Products, confirmed that the company's previous board of directors is no longer in place. He said two of the three current directors have Canadian citizenship and "all members of the Resolute executive team are also Canadian."
Industry Minister François-Philippe Champagne says the government will hold Paper Excellence to the commitments it made. The people behind or associated with Paper Excellence appear to have a pattern of using thickets of corporations — including some in tax havens — effectively shielding transactions and assets from public and government scrutiny.
Asia Pulp & Paper is one of the world's biggest pulp and paper players and has a track record of environmental destruction.The company maintains that Paper Excellence is independent of Asia Pulp and Paper and is owned by Jackson Wijaya. Wijaya told the committee that Paper Excellence and its subsidiaries "are owned solely and exclusively by me and are wholly separate and independent from any other company, including Asia Pulp and Paper and the Sinar Mas group."Wijaya also shed new light on a $1.25 billion US demand debenture from the China Development Bank in 2012.
CBC's investigation found the company subsequently obtained financing from two Indonesian banks which registered mortgages on mill properties in B.C and Saskatchewan.The latest questions being raised centre on the deal to acquire Resolute, which provides Paper Excellence with mills, power generating facilities and wood supplies in Ontario, Quebec and the U.S.
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