Adjournment Proceedings

In adjournment proceedings, Michael Cooper of the Conservatives raised questions about the government’s lease with Maritime Launch Services for a proposed spaceport in Nova Scotia, saying the government gave about $20 million to a company with no launch history and that the board chair later sold shares for $1.8 million, and asked how this was allowed. Sherry Romanado, a parliamentary secretary, replied that Canada is the only G7 country without its own space launch capability, that the lease followed ethics and safety rules, that it is a low-risk arrangement, and that most of the spending would go to Canadian workers and businesses. The exchange remained focused on this issue.Written by AI from the debate. Updated .

Official text (opens in a new tab)

2 statements

Michael Cooper, St. Albert—Sturgeon River

Conservative
“The government gave a $20 million lease to a failing company with no history of space launches. They backdated the deal by a year, which gave the company public money for no work. The company's stock value jumped, and its board chair made $1.8 million by selling his shares. The government did not put rules in place to stop this insider profit. I want to know why they let this happen.”
Official Hansard

Mr. Speaker, I have a question about corruption surrounding the Liberal government’s now infamous lease with Maritime Launch Services for a so-called space port. We know that the government entered into this lease, notwithstanding that Maritime Launch Services had no history of launching anything into space. Indeed, Maritime Launch Services had a history of not doing much of anything because Maritime Launch Services was a practically bankrupt company, sustaining a loss of $47 million and with revenue of just $15,000 in 2025. As such, it is no wonder that the share value of Maritime Launch Services was practically worthless, but then the Liberals entered into the so-called space port lease on March 16 of this year, and rather conveniently, the Liberals backdated the lease by one full year to 2025, funnelling $20 million tax dollars to Maritime Launch Services for no work and no value, effectively bailing out Maritime Launch Services. What was the consequence of that? Surprise, surprise, the share value of Maritime Launch Services soared, and immediately following that, within three weeks, the chair of the board sold three million previously worthless shares, walking away with $1.8 million. He became a millionaire overnight. Do members know what that is called? It is called “pump and dump”. Do members know what else it is called? It is called “corruption”, which the Liberals allowed to happen because they failed to take the most basic of measures to prevent this kind of insider profiteering, such as, for example, insisting upon a lock-up agreement. Why did they not do that? Why did they allow this to happen? Is it because this type of corruption is business as usual with the Liberals?

Michael Cooper, St. Albert—Sturgeon River

Conservative
“The government gave $20 million to bail out a struggling company. Right after that, the company's board chair sold shares and took $1.8 million. I want the parliamentary secretary to explain how the government can justify this corruption.”
Official Hansard

Mr. Speaker, my question was about pump and dump. It was about corruption. Here we have the Liberal government funnelling $20 million to Maritime Launch Services, bailing out a nearly bankrupt company, upon which the chair of the board immediately sells three million of his shares, walking away with $1.8 million. Does the parliamentary secretary consider that to be normal? Is that just business as usual with the Liberals? How can the parliamentary secretary justify this type of corruption?

Discussion

No comments yet

See the full discussion

Comment rules

More from sitting 143

  1. Government Orders Building Canada Strong Act 111 statements
  2. Oral Questions Condolences 2 statements
  3. Oral Questions Taxation 7 statements
  4. Oral Questions The Environment 4 statements
  5. Oral Questions Public Safety 10 statements
  6. Oral Questions Indigenous Affairs 2 statements
  7. Oral Questions The Economy 18 statements
  8. Oral Questions Indigenous Affairs 2 statements
  9. Oral Questions Artificial Intelligence 2 statements
  10. Oral Questions Transportation 2 statements
  11. Oral Questions Indigenous Affairs 2 statements
  12. Oral Questions Business of the House 2 statements
  13. Oral Questions Taxation 6 statements
  14. Oral Questions The Economy 9 statements
  15. Oral Questions Intergovernmental Affairs 6 statements
  16. Government Orders Building Canada Strong Act 65 statements
  17. Oral Questions Fisheries and Oceans 2 statements
  18. Oral Questions Taxation 12 statements
  19. Private Members' Business Protecting Young Persons from Exposure to Pornography Act 14 statements
  20. Adjournment Proceedings Adjournment Proceedings 4 statements
  21. Adjournment Proceedings Adjournment Proceedings 4 statements
  22. Adjournment Proceedings Adjournment Proceedings 4 statements