Winnipeg Free Press

Winnipeg Free Press (Newspaper) - April 16, 2005, Winnipeg, Manitoba Winnipeg free press saturday april 16, 2005 a3 key Crocus figures leave Board of teachers fund by Paul Egan two key Crocus investment fund Fig ures have resigned from the Board of the teachers retirement allowances fund. Crocus president Alfred Black Noti fied the fund of his resignation As its Board chairman on april 7, officials con firmed yesterday. Crocus director Lea Baturin who is named in Manitoba securities commis Sion allegations related to Crocus Noti fied the fund of her resignation from its Board the same Day. The resignations of the provincial appointees followed a briefing Black and the Crocus Board received april 5 that revealed preliminary findings of auditor general Jon singletons Crocus investigation. One of the issues Singleton is examining is Crocus investments that involved other Public agencies such As the teach ers retirement fund. His report is expected at the end of this month. Critics had suggested Blacks Multi ple roles presented a conflict of interest because Crocus the teachers retire ment allowances fund and the workers compensation Board ? which seconded Black to Crocus ? had made joint investments. But Black told the free press in december he could manage any conflicts that arose by not participating in decisions involving More than one of the three agencies. Crocus a labour sponsored investment fund with 33,678 Manitoba investors voluntarily halted trading dec. 10. This month it announced a $46-million write Down that will Send its share value below $7, Down from $10.45 when trading halted. The Mac has alleged that eight cur rent and two former Crocus directors allowed shares to be sold at inflated prices and should have halted trading on nov. 18, three weeks earlier than they did. Tray manages the $2-billion employee portion of the defined Benefit pension plan for Manitoba a Public school teach ers. The teachers fund never invested in Crocus but the fund and Crocus have made co investments including in the Manitoba property fund and a biotechnology investment fund Centre Stone ventures inc. Black who joined tray in october 2001 and was a top investment official at the web before moving to Crocus in december could not be reached for comment yesterday. Baturin a lawyer and National representative for the communications Energy and paper workers Union of Canada joined tray at the end of 2003. I can to really give you any comment about that right now its confidential Baturin said yesterday of her departure from the tray Board. I will try to clarify Down the Road when i Mable Baturin was on both tray and Cro Cus when tray voted to invest in the Manitoba property fund in june 2004. But tray records show she abstained from the investment vote. election to scuttle $1b in funding doer warns vote could derail deals by Paul Samyn o Ottawa ? Premier Gary doer is warning that a possible election this Spring threatens to delay or derail More than $1 billion in projects and deals in Manitoba. I want to get things done. I Don to want things suspended because of an elec Tion doer said in an interview. With the liberals bloodied by Damn ing testimony from the Gomery inquiry and the tories keen to capitalize by defeating prime minister Paul Martins minority government within weeks the country could be plunged into its second election within less than a year. Another Federal Campaign would put on hold a number of key initiatives the doer government has underway with Ottawa. Elections mean that people Are out for their own political interest instead of the Public interest doer said. Instead of doing things we Are going to have people going out and saying where do you stand on these things ? among the projects potentially jeopardized by an election Call Are. A Deal to secure Federal Cost sharing of the remaining $420 million needed to expand the red River flood Way. A Federal Promise of funding under its Kyoto strategy that could be used to construct an East West Power Grid. $100 million in Federal funding for the Canadian museum for human rights. $110 million in infrastructure funding for a variety of projects such As upgrades to Winnipeg a waste water treatment system. $125 million Over five years that is Manitoba a portion of the Federal govern ments $5-billion child care agreement. In Sharp contrast to the Federal Provin Cial Battles Gary Filmon stories had with the Federal liberals doer has had a Good working relationship with the liberals under the leadership of both mar tin and Jean Chr Tien. But doer stressed he is not saying there should to be an election nor is he taking sides in the coming Campaign. This province wants to continue to work with All parties in this minority government to get these deals done he said. I am not going to Burn any Bridges if anything happens in a Federal election. We Are democrats. We will work with whomever is elected. We will Deal with doer want to get things done whomever the Public decides Treasury Board president Reg Alcock also warns that action to prevent the devils Lake diversion from flowing polluted water into Manitoba might be affected by an election. If there was a compelling reason to have an election then you can overcome these things said Alcock Manitoba fed eral Cabinet minister. But if you Are going to Call an elec Tion you need a compelling Alcock cautions that if an election comes prior to the passing of the Bill to implement the Federal budget it would Likely take until Christmas before a new budget Bill could be passed leaving a number of major Federal initiatives in limbo. Tory my Brian Pallister who along with Provencher my Vic Toews is seen As a possible Cabinet minister should Stephen Harper become the next prime minister said people need to look beyond the interruptions an election would pose to consider whether they still Trust the Martin liberals to manage their tax Dol Lars intelligently or Well. Pallister also cautioned that doer might be making a mistake by banking on the liberals to deliver on promises made to the province. This government has such a dismal record of keeping its promises i Don to think the Premier should hang his hat on that one Pallister Portage Lisgar said. Pallister said a conservative govern ment would definitely revisit the flood Way project because of the master labour agreement which the tories believe is a Back door plan to unionize the construction Industry at the expense of taxpayers. liberals under siege a7,8,9 ;