On Wednesday, I broke the story of the ominous involvement of the China Investment Corporation in a local development by Brenhill properties after acquiring the land from the City of Vancouver.
Well, both the City and Ernst and Young, who they hired to consult on the deal, have responded.
In a correction to the original engagement letter, Kevin Brennan, the Senior Vice President at Ernst and Young suggests the reference to the China Investment Corporation was a mistake.
That’s an awfully big mistake for the senior VP of a Big Four accounting firm who charges $625/hr.
And what’s more, the city’s legal team and City council should have reviewed this document. According to NPA Councillor George Affleck, that did not happen.
But there is more to this deal than just the reference and possible involvement of the China Investment Corporation:
Thanks to the hard work of organizations like the South Vancouver Parks society and Glen Chernen, it was brought to my attention that the city signed off in a dramatic 83 per cent reduction in the land value, essentially wiping out $50 million from an original $59 million valuation in January 2015.
I met with Glen Chernen today to hear more about this deal.
WATCH my report to hear what he had to say.
Something fishy is going on at BC Assessment as well.
At each of my visits while investigating this story, despite speaking with multiple employees at multiple offices, I was denied access to public documents.
Between the secrecy of BC Assessment, and the revelation that Burgess, Cawley, Sullivan were working for both sides during the land value reduction, we are left today with more questions than answers.
But this story is far from over…
I am really getting sick and tired of chris bashing the chinese.
Hey, Anonymous, why don’t you call him a racist? That oughta put him in his place. Whatever happened to a lefties first resort in shutting down an argument?
Have you considered taking this to the authorities and pressing them to launch a fraud investigation? I think it would be a feather in TheRebel’s cap if you succeeded in doing so.
I too am getting sick of the tiresome political correctness of the likes of “Anonymous”.
The Left always pull that card don’t they. Fake racism. Anything they disagree with is labelled as “racism”
We REALLY need a Trump like leader for Canada to stop the Chinese foreign takeover of our country.
Hmm… I can not resist that this accusation is another instance of, baseless as it is, playing the racist card. It is similar to the reaction by the Mayor which I described in my comment just below.
Here is something you might think about. I remember a year or less ago, someone I believe connected to SFU attempted to research how many new purchases of luxury housing in Vancouver is being made by the Chinese. The Mayor objected saying that doing such a research would amount to racism. Of course he knew that he was just playing the racist card – this would not be “racism” at all. After reading about your funding, I can not stop thinking that the Mayor’s reaction likely showed his fear that the research could have revealed what we now know, thanks to you, for certain – the involvement of China in the Vancouver housing market. Your are chasing the right animal, Christopher, just keep on doing the good job…
“Woe to you when all men speak well of you”.
Thanks Chris for a Vancouver Watergate story; keep on it.
Colluding to defraud the sale of public property yeehaww – I’m getting beer and popcorn to watch this pork barreling unfold
Very interesting
Be careful , watch your back !!