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Pulp giant's purchase didn't go through a net benefit review, federal officials say

Pulp giant's purchase didn't go through a net benefit review, federal officials say

Pulp giant's purchase didn't go through a net benefit review, federal officials say
Jun 02, 2023 57 secs

Testifying before members of the Natural Resources committee, Deputy Director of Investments Mark Schaan said the deal that allowed Domtar, owned by Paper Excellence, to buy Resolute Forest Products for $2.7 billion US passed a national security review but did not require a study of its benefit to Canada.

"Something as big as handing over Domtar, Resolute, 22 million hectares of Canadian forest to a foreign entity was not considered worthy of a net benefit test?"

The investigation found that the people behind or associated with Paper Excellence appear to have a pattern of using thickets of corporations, including tax havens, effectively shielding transactions and assets from public and government scrutiny.

On Tuesday, John Williams, chair of the Paper Excellence Group, told CBC News that Wijaya is a Hong Kong resident with homes in Shanghai and Newport Beach, California.

The current board of Resolute Forest Products is composed of Sugiarto (Awie) Kardiman (left), Peter (Hardi) Wardhana (centre) and Remi Lalonde.

In response to a question from Conservative MP Dan Albas, officials did rattle off a list of assurances the company gave the government in return for the green light to acquire Resolute.

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