The Trudeau Liberal-made Infrastructure Bank—which has been called a "failure" by opposition MPs—paid millions in compensation to executives for being terminated.
MPs say the termination benefits should "raise eyebrows," as the Bank has paid more in termination benefits than it did in salaries, according to Blacklock's Reporter.
"That's a lot of money," said New Democrat MP Taylor Bachrach, noting that the termination benefits were given without explanation to Canadians.
"Canadians deserve to know whether the Infrastructure Bank is being effective, and we don’t think it is," said MP Bachrach. "The Bank is pretty clearly a failed experiment."
The Bank's Annual Report shows that it gave $3.4 million in compensation and an additional $3.8 million in "termination benefits."
"Canadians deserve to know exactly how the money at the Infrastructure Bank is being used, and whether it's actually building infrastructure," Bachrach continued. "There is a huge infrastructure deficit in this country. We only have one chance to get it right, and the Infrastructure Bank is squandering that chance."
The Canada Infrastructure Bank was always a Liberal slush fund to be raided at times of dire political need, not an arm-length investment bank serving the national interest ... and now Justin Trudeau has confirmed that #cdnpolipic.twitter.com/Plfvd4JoIM
— Pundit Class (@punditclass) October 1, 2020
The Infrastructure Bank, created in 2017, has been criticized since its inception. The Bank, which was launched with a $35 billion, to grant funds private investment in public works.
Both the chair and the CEO of the Bank abruptly resigned last April.
Conservative Leader Erin O'Toole has also criticized the Bank's function, saying: "Three years, $35 billion and zero projects completed... That is failure."
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