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Press Releases 2007

For Immediate Release             

December 6, 2007


KLEES: Government Owes Taxpayers Explanation for

$200 million Investment Loss


(Queen's Park) Newmarket-Aurora MPP Frank Klees today in the Legislature called on the Premier to have the Auditor General investigate who was responsible for $200 million in investment losses by the Ontario Financing Authority.

Klees pointed out that the Financial Administration Act requires that any investments made on behalf of the government must meet the test of being "advisable for the sound and efficient management of public money."

"Clearly, the high-risk paper instruments that resulted in a loss of more than $200 million of taxpayers' money did not meet the test against which investments on behalf of taxpayers must be measured, " said Klees.

"The Minister of Finance has a fiduciary responsibility to ensure that we have a full explanation of what went wrong and, at the very least, to ensure this never happens again."

Liberal Finance Minister Dwight Duncan has refused repeated calls from the Official Opposition PC's to call in the Auditor General to conduct a comprehensive investigation into the matter. The Premier gave no indication that the government has any interest in pursuing the issue.

"The public deserves to know who is at fault for the irresponsible management of public funds and what will be done to ensure this never happens again," said Klees. "I would think that the Premier and the Minister of Finance would be the first in line to demand answers rather than shield those responsible while minimizing a $200 million loss of public funds."



Frank Klees, MPP             * Hansard


416 509 8999