Questioning the Managing Director of Slate Asset Management

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[00:00:00]Sir.

[00:00:01]Was CIB the first lender you for the project?

[00:00:06]Mr. Chair, um I don't recall exactly the first potential financing provider we would have spoken to about this project.

[00:00:18]>> Not spoken to. Were they the first lender to sign in the paperwork?

[00:00:22]Um Mr. Chair, uh as is customary for project financing of of this nature, all uh loan documents uh reach financial close at the same time.

[00:00:32]>> Yes or no, sir. This is Parliament. You don't have the ability to not answer.

[00:00:37]Uh thank you, Mr. Chair. As as attempting to explain, uh financial close is reached when um all uh project-based financing >> first one to agree to lend to the project? Uh thank you, Mr. Chair. Um as I was attempting to answer, uh it's project-based financing takes place where there's a single financial close, um and all documents are executed uh simultaneously, including the different >> being incredibly evasive. And uh you know what? You're not just offending me, but you're offending millions of Canadians. You You received over $200 million from Canadian tax dollars, and you can't answer a simple question?

[00:01:16]This is disrespectful, sir.

[00:01:18]Disrespectful. Mr. Corey indicated in his testimony that the prepayment terms were flexible. In other words, if you didn't hit certain revenue targets, there would they the uh you wouldn't have to repay it. Is that true?

[00:01:32]Thank you, Mr. Chair. Um I I I don't recall um Mr. Corey's testimony um being exactly as you portrayed it uh just now. Um As I was attempting to explain, uh all of the financing is closed simultaneously, um Mr. Rogers, that's not the question.

[00:01:55]Are Is there forgiveness built in the repayment terms? In other words, if certain revenue targets are not hit, the uh you do not have to pay back the CIB loan. Is that correct?

[00:02:06]There are uh certain um characteristics associated with the Canada Infrastructure Bank loan uh that is commercially confidential.

[00:02:16]So, you're not going to answer that question.

[00:02:18]Uh Mr. Chair, I I've answered the question to the best of uh my ability.

[00:02:23]Well, how is it commercially sensitive?

[00:02:25]Um Isn't it in fact it's actually politically sensitive? That you are afraid to admit that that this loan will likely be forgiven, that that will be a tremendous windfall for liberal insiders like Mr. Ross Mr. Mr. >> Okay, well, you want it? I'll place it