Thursday, May 25, 2006

Sask: Crown Corp gets punked in Ontario

In his report on government agencies the Provincial Auditor has delivered a scathing indictment of the Saskatchewan Government Insurance (SGI) subsidiary Coachmen Insurance. Turns out Coachman lost $9.7 million in a failed deal with an Ontario company that later filed for voluntary receivership (page 133). Based on revenues of around $29 million, a $9.7 million hit is steep to say the least.

Which brings us to the broader issue: Whey is SGI getting their pants handed to them in Ontario in the first place?

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