Mr. Speaker, three years ago the industry minister gave 80 million tax dollars to buy out BioChem Pharma, a company in Quebec. Since then, BioChem was bought out by a British multinational that is now shutting down its Quebec plant and laying off hundreds of workers.
However, according to documents that we have obtained, no payments have been made on Industry Canada's loan to BioChem; not one red cent.
How can the minister justify giving $80 million in corporate welfare to a company that is now laying off hundreds of skilled workers? Is this the minister's idea of a successful investment?