Tag Archives: New Brunswick government

Names revealed of fishermen whose $10M in debts paid by province

An investigation by Radio-Canada Acadie has revealed a list of names of crab fishermen who had their boat-building loans forgiven by the provincial government. In 2016, the public learned that from 2000 to 2008, the New Brunswick government spent approximately $10 million to erase the debts of 15 fishermen. They were given loans in the 1980s and 1990s as part of a provincial lending program organized by the department of Agriculture, Aquaculture, and Fisheries. At the time of the discovery in June 2016, the loan program, known as “Fishermen’s Loan Board” was criticized by the former executive director of the fishermen’s union, Jean St. Cyr, as a “program with good intentions, but from a financial point of view, didn’t make any sense.” continue reading the story here 10:05

$10M spent by N.B. government to expunge crab fishermen’s loans

crab-pots-and-boat-in-port-de-grave-fishery-netsDocuments obtained by Radio-Canada reveal that from 2000 to 2008, the New Brunswick government spent $10 million to erase the debts of 15 crab fishermen, amassed in the 1980s and 1990s as part of a lending program through the department of Agriculture, Aquaculture, and Fisheries. The total amount forgiven was $10,769,225.  Seventeen crab fishermen received $15 million in public funds in the form of loans and loan guarantees for the construction of fishing boats. Fifteen weren’t able to repay their loans. Several fishermen sold their boats, and three boats were seized by the province. Only one fisherman was able to honour this loan guarantee, valued at $500,000. One of the 17 loans, granted in 1984, is still outstanding. The original amount loaned by the New Brunswick government was $687,323 and has since climbed to $880,569 with interest. Read the rest here 20:47