PAGC $6.4 Million In Debt

Tuesday, October 21, 2008 at 13:55



The Prince Albert Grand Council’s main financial wing was given a clean bill of health yesterday on the opening day of the PAGC’s fall assembly.


The chief executive officer of the Prince Albert Development Corporation says this year’s sale of PADC-owned hotels and restaurants raised $33 million for the corporation.


Ted DeJong says $13.5 million of that was used to pay down debt.


He says, all told, the corporation has a net worth of $26 million.


He also says the PADC, which is now mainly an investment entity, retains control of Westwind Aviation and its Super 8 Motels.


Meanwhile, some questions over finances were raised at yesterday’s session during the PAGC’s financial update.


Black Lake Chief Donald Sayazie told delegates he was deeply concerned about the $6.4 million dollar debt incurred by the PAGC’s main political office.


Sayazie says the audit given to the chiefs doesn’t explain certain expenditures and he wants to see a review.


Other chiefs and delegates raised similar concerns, saying they found yesterday’s presentation of the audit confusing.