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Time to crack the books, say MLAs

Northern News Services

Yellowknife (Sep 27/04) - The territorial government is planning a new super corporation for business development.

Brendan Bell, minister responsible for economic development, said the Business Development Incentive Corporation will be part of the fall legislative session.

It will combine the services of the Business Credit Corp., the NWT Development Corp., the Canada/NWT Business Service Centre and Community Futures Offices.

Yellowknife MLA Dave Ramsay (Kam Lake) said the new corporation should be more open than the Business Credit Corp. with how it handles public money.

"People have a right to know, especially if it's public funds," said Ramsay.

Ramsay and Yellowknife Centre MLA Robert Hawkins say the government should open the books of the secretive lender.

"We lend money out to people and we have no idea who they are. I have concerns that we are keeping it a secret," said Hawkins.

"The bottom line is that the people of the Northwest Territories are the creditors and they have no idea where the money is going."

Ramsay raised the disclosure issue in the legislature last spring.

Bell said the disclosure question will be up for debate again when legislation for the new corporation is introduced.

"I'm for more transparency but I don't know the full fall-out, I don't see the negative side as some might," Bell said. "We have to decide as a legislature on the disclosure of public funds."