Premier McNeil calling in Cooke loan?

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“I’ve said all along that if Cooke doesn’t meet their obligation to the community and the province then they should immediately repay any loans they have received with interest. Sterling Belliveau"

The provincial government is calling in Cooke Aquaculture’s $18-million loan, according to news reports Thursday.

The money comes from a major loan announced by the former NDP government in 2012. The government was to make up to $25 million available for the company, $9 million of it forgivable, if Cooke could expand a feed mill in Truro, build a salmon hatchery in Digby County and a processing plant in Shelburne, and create up to 400 jobs across the province.

The repayable portion of the loan was to be interest-bearing and stretch over 10 years, beginning on Jan. 1 of this year.

Business Minister Mark Furey on Wednesday said the government would maintain its position that the loan is to be called in now.

“We fully expect Cooke Aquaculture to live up to their component of that agreement,” he said.

The cherry of the deal — the proposed year-round processing plant in Shelburne projected to create upwards of 300 jobs — hasn’t materialized.

Former Fisheries and Aquaculture minister and current Queens/Shelburne MLA Sterling Belliveau says he crafted the agreement with Cooke and has been adamant that Cooke must live up to the terms of the deal. He insists that Cooke executives were well aware that the terms were to be met based on the number of salmon farms in place at the time and not conditional on addional aquaculture leases.

“I’ve said all along that if Cooke doesn’t meet their obligation to the community and the province then they should immediately repay any loans they have received with interest. I’m extremely disappointed Cooke has not lived up to its commitment to build a processing facility in Shelburne and the government is taking the correct action by recalling the loan.” – Sterling Belliveau

SEE FULL STORY IN THE HERALD: http://thechronicleherald.ca/novascotia/1335972-nova-scotia-to-cooke-aqu...

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