New Brunswick auditor general to release report into Atcon loan guarantees

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FREDERICTON, N.B. - New Brunswick auditor general Kim MacPherson will release her report today into the financial assistance given to the Atcon group of companies, which left the province on the hook for millions of dollars.

The Miramichi-based Atcon companies filed for creditor protection in 2010 after receiving $50 million in loan guarantees from the Liberal government of then-premier Shawn Graham in 2009.

The Miramichi-based companies filed for creditor protection in 2010 after receiving $50 million in loan guarantees from the Liberal government of then-premier Shawn Graham in 2009.

Two years ago, the conflict of interest commissioner said Graham was in a conflict at the time the loan guarantees were provided because his father was a director of Vanerply, a Swedish subsidiary of Atcon.

The commissioner also said cabinet ministers ignored the advice of government staff who recommended against offering the support to Atcon.

In June 2013, members of the legislature unanimously agreed to ask the auditor general to scrutinize the financial assistance.

Geographic location: New Brunswick

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