The Goderich Signal-Star, 1983-01-26, Page 14C
Awl
Aki,1! ''"RY-6f1903.
BY JACK RIDDELL
The furore about Ontario
trust companies continues
unabated, with new
developments becoming
public almost daily.
One question being asked
is whether the Trust Com-
panies Association of
Canada took advantage of in-
side information to withdraw
$64,000 from Crown Trust
Company on January 7,
mere hours before the com-
pany's assets were seized by
the province. The govern-
ment has been sharply
criticized by the Opposition
about this allegation, which
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i
is currently to , 447
ve at
ed ,.
.;st g , the M
Securities io.
being ,robed' by the. mW
miss-fot
are reports that
Guaranty Trust tried to
withdraw $1 inillion from
Crown Trust the day before.
the takeover. Needless to
say, the Trust Companies
Association is .refusing to
comment on the controver-
sy:
Millions, of dollars in
negotiable securities are be-
ing, or have been removed
from the vaults:,.of Crown
Trust for safekeeping by the
Bank of Canada as/ a
"precautionary measure".
Greymac Trust CO. ' and
Seaway Trust Co., have' also
been taken over by the Pro-
vince due
ro-
vine.due to concern about
mortgages advanced in tran-
sactions involving some
11,000 apartment units in
Metro Torontd.
Provincial government
lawyers are checking into
the proposed sale of the com-
pany which manages the
former Cadillac Fairview
apartment and townhouse
buildings to an American
firm. If this sale is conclud-
ed, it would mean that the
pae� oJatlp.us
0,000 people who live in the
controversial units would
have their landlord in
aa many Menttlei a develop'
meat described by David.
:P:etersons "incredible.".
otherdevelopments,th..e
owner of Seaway Trust has
accused the government of
rewriting the accounts of his
seized company. The
Minister had earlier told the
Legislature that Seaway's
accounts were "seriously
lacking in accuracy"..
Apparently, also, there is a
Swiss financier involved
with two of the three trust
companies seized by the On-
tario Government, and a
private Edmonton firm is a
strong; contender. to pur-
chase Crown Trust.
According to the Solicitor
General, George E. Taylor,
the Ontario Provincial
Police and the Royal Cana-
dian Mounted Police are in-
vestigating mortgage and
trust firms involved in the
controversial apartment
unit sale.
On January 17, the
Minister of Consumer and
Commercial Relations, Dr.
Robert Elgie, in a statement
to the Legislature, said that
Crown Trust had not: been "a
viable concern when the
roverninent moved in on
.lanuary 7, that the oin- .
parry's lending "practices
since, last September have
departed from the con-
servatism that had been
displayed before then and
serious deficiencies,have
been found in the seurity
underlying about $130
million of its. investgnents.
The Minister has in-
timated that the crisis in
confidence in the activities
of Crown Trust, Greymac
Trust and Seaway Trust has
shocked -his staff and himself
into re-evaluating the
Government's role in
monitoring such institutions.
"We may in the future," he
said,' "have to commit
greater resources to the
review of financial in-
stitutions to enable us to
make more detailed and ex-
tensive examinations of
some operations on a more
routine basis."
Some people . are asking
how the Minister and his of-
ficials could be so naive,
bearing in mind what hap-
pened not so long ago in con-
nection with Re -Mor Invest-
.......................
J.M. CUTT LIMITED
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RED & WHITE FOODMASTER
91 VICTORIA ST. GODERICH
WE RESERVE THE RIGHT TO LIMIT QUANTITIES
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• • •
"lent .Manag eat Corpora-
tion and tta parent company
aAstra' Trust Company, and
the fact that these corn -
Ponies , continue to be the
subject . of continuing court
battles, and arguments over
the Government's liability in
the matter.
Geneva Park
Coonference
On January 14 and 16 the
Ontario Liberal Party held a
Caucus Conference -at
Geneva Park on the shores
of Lake Couchiching. More
than 200 people attended the
Conference which dealt with
issues expected to dominate
the public agenda in Ontario
throughout the remainder of
the 1980s and into the '90s.
Experts spoke on . a broad
range of• subjects including
the province's changing
demographics, strains
between the government,
business and labor, and the
relations between the
government and citizen.
Liberal Leader David
Peterson described the con-
ference as part of a process
to build an intellectual foun-
dation for the party, and
stated that he would not
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$1.69:
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OPEN MONDAY TO
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