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NDP defends hog plant investment

by 5m Editor
4 September 2006, at 11:11pm

CANADA - The NDP government on Friday defended its multimillion-dollar investment in a Moose Jaw meat-packing plant -- money that may be in jeopardy.

About $3.8 million in taxpayer dollars has gone into Moose Jaw Pork Packers, formerly known as Worldwide Pork.

The province gave the company $1.5 million outright in April as a grant to help reopen the plant.

Before that, the government had put in about $2.3 million in secured debt. That was converted in April into an equity investment, which translates into a six per cent share of the company.

While that $2.3 million is now at stake because of the uncertain future of the company, NDP cabinet minister Kevin Yates said the April grant was the right action for the government to take.

Source: Canada.com

5m Editor