For immediate release
December 17, 2008

Adopting Newfoundland-style asset seizure
would chase more jobs from Ontario

Thunder Bay - Following a Finance Committee deputation by AbitibiBowater, Ontario PC Opposition members put forward a motion to prohibit government seizure of the assets of a company either downsizing or restructuring because of the decline in the provincial economy.

“Newfoundland’s expropriation of company property sets a dangerous precedent,” said Finance Committee member PC MPP Toby Barrett. “We cannot see the Ontario government go down the road of Newfoundland, or other jurisdictions like Venezuela.”

The motion was sparked by Newfoundland and Labrador legislation, rushed through yesterday, expropriating AbitibiBowater’s power stations, dams, water and timber rights in Grand-Falls-Windsor.

“The best way to reverse the massive loss in manufacturing jobs is to create a welcoming environment for investment through lower taxes, less red-tape and competitive energy costs,” said PC Finance Critic Tim Hudak. “Seizing assets or threatening to do so will permanently chill job creation in our province.”

All assets of AbitibiBowater in Grand Falls-Windsor, save the pulp and paper mill, will be owned by a recently formed provincial crown corporation.

The Ontario Finance Committee motion reads as follows:

MPP Barrett – I move the Province of Ontario commit to legislation prohibiting the seizure of assets of companies forced into restructuring or downsizing because of the decline in the provincial economy.

The Finance Committee is in Thunder Bay as part of its pre-budget consultations. The top issue brought forward by presenters during the province wide hearings has been job losses.

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For further information: MPP Toby Barrett
at 1-800-903-8629, or MPP Tim Hudak - 416-325-8454