Mr. Speaker, in 1987, 5,750 Nova Scotians lost their life savings when Principal Group collapsed.
In the early 1990s some of the investors received compensation from provincial governments. However a final settlement was not reached until May 2001 when investors had to settle for less than 1ยข for every $1 they invested.
That is bad enough but three years later Canada Customs and Revenue Agency has yet to issue the clearance certificate needed to enable disbursement of the settlement funds.
Seventeen years later, many seniors have passed away without recovering a dime of that settlement for their life savings invested in Principal Group.
When is the federal government going to do the right thing and issue the clearance certificate required?