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…