{UAH} Critics question Canada's financing of a Bombardier jet that has ties to controversial tycoons in South Africa
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Critics question Canada's financing of a Bombardier jet that has ties to controversial tycoons in South Africa
A Canadian deal to finance a luxury Bombardier jet for a controversial South African business family has cast a fresh spotlight on secrecy policies at the federal government's export credit agency.
Critics are asking how the $41-million (U.S.) financing deal was authorized by Export Development Canada, since the borrowers – the politically powerful Gupta family of South Africa – have been surrounded by corruption allegations and investigations for the past seven years. But EDC says it cannot explain anything about the transaction.
The Guptas have been at the heart of corruption allegations swirling around South African President Jacob Zuma and his government since 2010. But when Bombardier Inc. wanted to sell a private jet to the Guptas, the federal agency agreed to finance 80 per cent of the $52-million purchase price.
-- A Canadian deal to finance a luxury Bombardier jet for a controversial South African business family has cast a fresh spotlight on secrecy policies at the federal government's export credit agency.
Critics are asking how the $41-million (U.S.) financing deal was authorized by Export Development Canada, since the borrowers – the politically powerful Gupta family of South Africa – have been surrounded by corruption allegations and investigations for the past seven years. But EDC says it cannot explain anything about the transaction.
The Guptas have been at the heart of corruption allegations swirling around South African President Jacob Zuma and his government since 2010. But when Bombardier Inc. wanted to sell a private jet to the Guptas, the federal agency agreed to finance 80 per cent of the $52-million purchase price.
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