Worthless Enmax investment raises serious questions about company chaired by Richardson
In response to voter concerns, our campaign looked into the significance of Mr Richardson’s role as Chair of the Board of Streetlight Intelligence Inc. In 2009, Natural Resources Canada granted Streetlight Intelligence Inc $185,000. At the time, the grant was reviewed by the ethics commissioner because Mr. Richardson had been a member of the committee for natural resources. We also learned that on April 15th of this year, Streetlight Intelligence suspended operations and laid off their staff despite government grants and significant investments by Hydro Ottawa and Enmax. The attached press release is based on numbers by SEDAR and a story in the Ottawa Citizen, dated April 27th. A detailed look at the public records of Streetlight Intelligence shows Enmax invested $1.85 million in 2008 and another $200,000 in 2009. As taxpayers we have questions about these losses, any benefits received and Mr Richardson’s role as a promoter of the company.
Voters are asking where Mr. Richardson’s priorities lie. Is it with his electors, the corporation he chairs, the public utilities’ shareholders or his personal interest? Calgarians should have the right to expect loyalty of their elected MP. Mr Richardson’s loyalties appear divided, and thus call into question his commitment to serving as the Member of Parliament for Calgary Centre. Mr. Richardson’s association with Streelight Intelligence and Enmax investment is to be questioned. The facts point to a loss of tax payers’ money through federal grants and the public utilities investors.
Holding members of parliament accountable is essential to democratic government. Jennifer believes that when the public calls for closer examination of an issue, it is important to ensure a full investigation to determine the truth.
Release sent to media April 28, 2011
Calgary – A company that was at the centre of controversy last year after
receiving a grant from Natural Resources Canada, recently announced
that they are temporarily laying-off their staff, much to the consternation of
Hydro Ottawa which had invested in the company.
Streetlight Intelligence Inc. made headlines last year when it accepted a
funding grant of $185,000 from Natural Resources Canada while it’s Board
Chair and Director was the Member of Parliament for Calgary Centre, Lee
Richardson. Liberal Member of Parliament Marlene Jennings referred the
matter to Ethics Commissioner Mary Dawson.
“From a tax-payers perspective I am very concerned about this matter and
for voters it raises a question of Richardson’s role and judgment,” said
Jennifer Pollock. “First you have Streetlight receiving a government grant
and then it suspends operations and lays-off its workers all the while Lee
Richardson was Chair of the Board. Clearly Mr. Richardson has problems
with fiscal oversight in both his political and business careers.”
Both Richardson and the Conservative party want to be branded as good
financial managers but neither has a record to back it up. This election the
public should hold the Conservatives accountable for wasting our money
and spending it with their friends.
Ottawa Citizen “Hydro Ottawa’s B.C. investment draws fire
$1.5M put into failing company”
While there may indeed be some important questions to be asked and answered in this situation, I am disappointed by your suggetion that Mr. Richardson as a member of parliament should not be encouraging government investment in innovation, knowing that innovation does have risk. You assertion that this is a “protection of taxpayers money” question is absurd. What would your position be if the investment been wildly successful?
I have been a Liberal supporter and had hoped that by supporting a Liberal candidate that I could count on a thoughtful, informed appoach to a climate change strategy that must include technology innovation like Streetlight Intelligence. Governments and public utilities have to make these investments in nergy conservation and clean energy. There must be an understanding that there will be some failures.
Hi Elizabeth,
The Liberal party platform and budget has provision for investing in innovative technology and the Renewable Power Production Incentive, which was cancelled by the Harper Conservatives.
Our issue is not with investing in innovative green technologies, which we whole heartedly support, but rather Mr Richardson’s divided loyalties. The allocation of the federal government grant was aligned with government criteria and was reviewed and found acceptable by the Ethics Commissioner. What has come to light in the past week is troubling and has not been investigated as of yet. Richardson is the Chair of a Public company that has suspended operations. Our public utility, Enmax, has lost $2 million and so has Ottawa Hydro. Investors, voters and Calgary city council have questions for Mr Richardson. See link below.
Voter’s Blog on Richardson’s stock promotion and financial dealings