Another topic of late that has been heating up (along with the supposed Biodigester), is where did the $9 million in proceeds go from Grimsby’s sale of it’s share of Niagara Regional Broadband Networks?
Many are speculating that the proceeds are being fed (almost literally) into the much delayed and over-budget
Biodigester Biodisaster project. Mr. Shafee Bacchus, Chair of Grimsby Energy in answering Alderman Kadwell’s question about funding for the Biodigester stated that “we have several subsidiaries…”, with that we will let you draw your own conclusions.
The worn argument is that it is not the Town’s money… but despite the number of holding companies, and other corporate voodoo to keep finances as “private information”… it is ultimately the taxpayers who funded the operation from the onset, for better or for worse.
Niagara This Week is also taking a look into this “question” and the lack of transparency with two recent articles:
“Residents concerned about $9M being kept in Grimsby Hydro” – https://www.niagarathisweek.com/news-story/7460670-residents-concerned-about-9m-being-kept-in-grimsby-hydro/
“Town can’t be shortsighted with NRBN cash” – https://www.niagarathisweek.com/opinion-story/7460556-edwards-town-can-t-be-shortsighted-with-nrbn-cash/