Quebec's economic gambles: Million-dollar fiascos and taxpayer nightmares unveiled!
In February 2024, the François Legault government decided to shut down the Panier Bleu initiative, citing the need for an additional $20 million to sustain the platform. Approximately $6 million will be allocated to ensure a smooth closure, covering employee severance, supplier payments, and order reimbursements.
Quebec's recent economic endeavors, including the Panier Bleu initiative, have faced significant challenges and have consumed taxpayers' money.
The Panier Bleu ceased operations in February 2024 after receiving substantial government assistance since its launch in April 2020.
In February 2021, the non-profit organization transitioned to privatization under the platform Agora Inc.
This private company, established in February 2021 according to the Registraire des entreprises du Québec, comprises minority shareholders including Desjardins, Le Fonds de solidarité FTQ, Lightspeed, specializing in e-commerce, and the government of Quebec (Investissement Québec).
Initially subsidized with $5.5 million, the Panier Bleu later received an additional $22 million during its transition to a private company. Minister of Economy and Innovation Pierre Fitzgibbon spearheaded this decision in June 2022, involving partners like Investissement Québec, Desjardins, Lightspeed, and Fonds de solidarité FTQ.
In February 2024, the François Legault government opted to shut down the Panier Bleu, citing a need for an additional $20 million to sustain the platform. Approximately $6 million will be allocated to ensure a smooth closure, covering employee severance, supplier payments, and order reimbursements.
This setback isn't unique. Medicago, a biopharmaceutical company, received substantial government support but failed to deliver results. Despite millions in subsidies and loans, Medicago closed without supplying a single COVID-19 vaccine dose to the federal government.
Now, Northvolt, a Swedish company building a battery cell factory in Montérégie, is under scrutiny. Both the Quebec and federal governments pledged over $2.7 billion in subsidies, despite concerns about environmental impact.
These controversies prompt a reassessment of economic project approaches and demand full transparency in public fund management. Will Northvolt succeed where others faltered, or will it become another costly venture?
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