New report alleges federal government hiding true extent of Trans Mountain's debt load, by DearOtherPeople cdnpoli (unlocked)
in 2018, after Kinder Morgan had decided to wash its hands of the project, was both a rescue for the oil industry and a windfall for Kinder Morgan.
TMP Finance is a wholly-owned subsidiary of the Canada Development Investment Corporation , the Crown corporation established by the government to manage its investments. TMP Finance in turn owns the pipeline company, Trans Mountain Corporation. But the report points out that TMP Finance, which was set up to finance and advice Trans Mountain Corporation, has no employees and its three directors are all senior executives of CDEV.
Thériault pointed out that, when engaged by the government to provide advice on Trans Mountain finances, BMO Capital Markets and TD Securities both confirmed that, “despite the increased cost estimate and completion timeline, the project remains commercially viable.”
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