Discussion · Government Orders
John Brassard Conservative
“Maritime Launch Services was losing millions of dollars and almost out of money before the government gave it $20 million. A shareholder then cashed out nearly $2 million. Did the government just rescue a failing company that was about to go bankrupt?”
“Mr. Speaker, I want to look at Maritime Launch Services’ financials. I think this is very revealing because its condition appeared to be extremely weak before the government’s injection of money. In its 2025 financial statements, the company had $47 million in losses, $14,980 in revenue and approximately $70,000 in cash on hand at the end of 2024. We have heard numerous times tonight that a shareholder actually cashed in what were effectively worthless shares after the $20-million injection, which gave him $1.8 million. Is it not true that the government effectively rescued a failing company and subsidized an enterprise on the verge of bankruptcy?”
Official Hansard
Mr. Speaker, I want to look at Maritime Launch Services’ financials. I think this is very revealing because its condition appeared to be extremely weak before the government’s injection of money. In its 2025 financial statements, the company had $47 million in losses, $14,980 in revenue and approximately $70,000 in cash on hand at the end of 2024. We have heard numerous times tonight that a shareholder actually cashed in what were effectively worthless shares after the $20-million injection, which gave him $1.8 million. Is it not true that the government effectively rescued a failing company and subsidized an enterprise on the verge of bankruptcy?