April 17, 2023

Bill 20 Creates Loophole to Hide Private Wealth

Treaty 1 and Dakota Territory, Homeland of the Red River Métis, Winnipeg MB—After Manitobans learned the Premier is a client of a private firm that requires a $5 million minimum investment, the Manitoba NDP announced it is delaying a bill that creates a loophole for politicians like the Premier to hide their wealth. 

If Bill 20, The Conflict of Interest (Members and Ministers) Amendment Act, became law the premier could hide millions of dollars in assets by entrusting them to another person or corporation, and avoid the requirement to disclose them to Manitobans.

“We can’t let the premier rewrite our laws to create loopholes for millionaires,” said NDP finance critic Adrien Sala. “People who hold the highest political office in our province shouldn’t be able to hide millions in investments from the people of Manitoba. We believe Manitobans deserve an open and transparent Government, not one that rigs the rules to favour those at the top. Manitobans expect a higher level of transparency from their Premier, especially when she is a client of an exclusive fund for millionaires - that’s why we are delaying Bill 20.”

The Manitoba NDP revealed the Premier is a client of ‘Manitou Investment Management’, a private firm that requires their clients to invest a minimum of $5 million. In 2021 the company returned $55 million to clients to be used for “everyday lifestyle expenses”. The Premier’s investments are separate and apart from other financial assets, such as the $31 million dollar property sales she failed to disclose to Manitobans.

More information on Manitou can be found here: https://pmac.org/firm/manitou-investment-management-limited/