JOHN FELDSTED -- More scandals in the making

One of Canada's largest long-term care operators is owned by a federal Crown corporation. 'We are extremely saddened by the difficult circumstances,' Treasury Board President Duclos says
John Paul Tasker ~~ CBC News ~~ May 25, 2020

One of the largest operators of seniors' residences and long-term care homes in Canada is a wholly owned subsidiary of the Public Sector Pension Investment Board (PSP), a federal Crown corporation charged with investing funds for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force.

Treasury Board President Jean-Yves Duclos

The company, Revera, owns or operates dozens of properties across Canada; it also has major holdings in the United States and the U.K., with a portfolio of seniors' apartments, assisted living and long-term care homes.

... a $50 million class action lawsuit was launched against Revera earlier this month on behalf of the families of COVID-19 victims at the company's long-term care facilities in Ontario. The company is being sued for negligence and breach of contract.

The plaintiffs allege the facilities lacked "proper sanitation protocols and adequate testing to prevent the spread of COVID-19."

... another $25-million class-action lawsuit has been filed against Revera over its operation of the McKenzie Towne Continuing Care Centre in Calgary, where COVID-19 killed 21 residents and infected 63 others as well as 44 employees. The suit, which has not been certified, alleges the company was negligent and did not follow proper protocols to prevent the outbreak.

... the company's board of directors is appointed by Prime Minister Justin Trudeau and his cabinet through orders in council.|

CLICK HERE to read the full story

****************

 
This revelation left me speechless with anger.

I suspect many others -- who have their pension funds managed by the Public Sector Pension Investment Board -- are unaware that the Rivera Crown Corporation exists. Prudent investments in well-managed operations to maximize return on our jointly held funds is one thing; creating a crown corporation to own and operate private businesses is not what we expect from the fund managers.

Why would our government decide to directly compete in the personal care facility marketplace?

It would appear that Rivera is no better then other slum landlords in the personal care facility business. The potential liabilities are staggering. For a view of personal care facility deaths, CLICK HERE (the site is updated daily). Click on the Canada Summary at the bottom of the page to see the numbers. At this writing, 82% of all COVID-19 deaths have been in personal care facilities.

It is not material that Treasury Board President Jean-Yves Duclos is “saddened”.

Pension fund contributors need to know if their funds are at risk. Who is going to pay for lawyers defending claims against Rivera? Setting and maintaining standards for personal care facilities are a provincial responsibility irrespective of ownership. There are conflicts of interest to consider.

The abridged excuse for a parliament occasionally in session does not help. We have no way to secure answers for our many questions. This is the tip of an exceptionally large iceberg.

The fur and flack tossed about is going to be substantial.

Story of note: Doug Ford says, 'Greedy' Investors Should Get Out Of Nursing Home Business (Huffington Post)

 

John Feldsted ... is a political commentator, consultant, and strategist. He makes his home in Winnipeg, Manitoba