Government of Saskatchewan ministries, Crown corporations and organizations are working to minimize the impacts of the postal service disruption.
Les ministères, les sociétés d’État et les organismes du gouvernement de la Saskatchewan travaillent à réduire au minimum les répercussions de l’interruption des services postaux.
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Released on April 2, 2009
The government today announced that it has negotiated a settlement to terminate the investment management contract between Investment Saskatchewan (IS) and Victoria Park Capital (VPC) which was established by the previous government.
"I am extremely pleased that the parties have been able to reach a negotiated settlement," Minister responsible for Investment Saskatchewan Lyle Stewart said. "As I have previously stated government's decision to withdraw from this contract does not reflect dissatisfaction with the investment manager's performance. We had a fundamental public policy disagreement with the intent of the contract, which would have required the investment of $80 million of taxpayers' money in high risk equity investment over the next three years."
Under the negotiated settlement, VPC will receive all fees owed to it up until March 31, 2009. Additionally, VPC has agreed to support a transition process as files and the management of assets owned by government are returned to IS. VPC will continue to receive its management fee for service of $335,000 per month over this three month transition period. VPC will also receive a one-time settlement of $6 million on June 30, 2009.
As a result of the negotiated settlement, IS will be directly responsible and accountable for the transparent management of government assets. The corporation will work to finalize a long term divestiture strategy for the remaining assets over the next several years.
Minister Stewart expressed his appreciation to Victoria Park Capital for their management of the assets over the past several years and their co-operation in supporting a three-month transition period.
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For more information, contact:
Leanne Persicke
Executive Council
Regina
Phone: 306-787-1321
Email: leanne.persicke@gov.sk.ca
Cell: 306-541-7083
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