Friday, March 31, 2023

Liberals spent $170 million on Covid-vax factory that never delivered any vaccines

During the Covid pandemic, Canada's Liberal government spent hundreds of millions of dollars to build Covid-vaccine factories that failed to produce or deliver any vaccines. 

Feds lost up to $200 million on failed COVID-19 vaccine factory | Western Standard - Christopher Oldcorn:

March 30, 2023 - "A $200 million venture to build a COVID-19 vaccine factory failed in Health Minister Jean-Yves Duclos Quebec City riding. The cabinet is refusing to disclose the total loss of taxpayers money.... 'The financial details and information pertaining to the relationship between Canada and the supplier are considered confidential,' the cabinet wrote in an Inquiry of Ministry tabled in the Commons. There was no explanation.

"Cabinet in 2020 awarded millions in subsidies to Medicago Incorporated, a subsidiary of Mitsubishi Chemical Group, to produce vaccines in Duclos riding. It also awarded the company an Advance Purchase Agreement to buy up to 76 million doses of pandemic vaccine. None were delivered. 

"Mitsubishi Chemical announced on February 3 that it was winding up its Québec operations with the loss of 600 jobs, according to Blacklock’s Reporter.

“'Total authorized support for this project was $200 million against which $101 million was disbursed in 2021 and $59 million was disbursed in 2022,' said the Inquiry. 'The agreement with Medicago has legally binding provisions to protect the taxpayer in the event of a default, sale, or other event.' Cabinet in February put its total spending on Medicago at $173 million. Medicago said it had already spent the money.

"'We are working to wind up operations,' Medicago CEO Toshifumi Toda testified at a March 23 Commons Public Accounts committee hearing. 'Some of our tangible assets, including facilities and equipment, or importantly intangible assets such as our intellectual property rights, may be sold.' 

"'We appreciate all the support from the Government of Canada,' said Toda.... 'We spent all those monies,' said Toda. He made no mention of any repayment.

"'Who owns the intellectual property?' asked Conservative MP Stephen Ellis (Cumberland-Colchester, NS). 'Medicago owns it,' replied Toda.... 'No doses and $173 million and Medicago owns the intellectual property and still owns the physical building and manufacturing capability here in Canada?' asked Ellis. 'Yes,' replied Toda....

"Cabinet in its Inquiry tabling did not explain how much it expected to lose on the Medicago agreement."

Read more: https://www.westernstandard.news/business/feds-lost-up-to-200-million-on-failed-covid-19-vaccine-factory/article_91d4311e-cef5-11ed-8d84-ef4d8ede9e08.html

The Liberals also spent up to $200 millinn on at least one other Covid-vaccine factory (in Montreal) that failed to produce any vaccines: 

"Canada still without vaccine plant despite federal promises," CBC News, August 19, 2022:

No comments:

Post a Comment