SASKATCHEWAN COALITION AGAINST RACISM
FOR IMMEDIATE RELEASE MARCH 29, 2015
GREED, DECEIT, PUMP AND DUMP: THE EVE OF THE MUSCOWEKWAN FIRST NATION ELECTION
The Saskatchewan Coalition Against Racism has been contacted on the eve of the Muscowekwan First Nation election by several Muscowekwan First Nation band members who are revealing sickening actions that have been allowed to be perpetrated against their community in the name of “economic development.”
This community, which has a 90% unemployment rate, related poverty issues, a lack of dependable running water, and deteriorating housing, had visions of a hopeful “sustainable “ economic future when Encanto Resources came calling with an offer that seemed too good to be true. It has now become clear that it was too good to be true! Had the Muscowekwan Chief and Council done due diligence, they would have found out that the Encanto officers, that they were dealing with, had “questionable professional track records in Africa and at the Giant Yellowknife mine as officers and senior managers in such projects creating serious problems for workers and the environment in those locales”. Questions are also being raised about the due diligence of the Provincial Securities Commission in protecting investors from “pump and dump” type organizations such as Encanto Resources who seem only interested in fulfilling their own need for greed. SCAR would also like to know how many other provincial and federal politicians have “blood on their hands” in this disaster!
In the most recent Auditor’s report to the shareholders of Muskowekwan Resources Ltd.(the company that was formed to supposedly protect the Band’s resources in the face of such a disaster) the Auditor states: “Without qualifying our opinion, we draw attention to the financial statements which indicate that there has been a significant decline in investment that is significant to the Company’s ability to continue operation. Due to this, doubt exists about the Company’s ability to continue as a going concern”. In other words, Encanto Resources is broke, along with the Muskowekwan First Nation. Band members are asking, “Where has all of the money gone?”
We are told that, even though Band members were told that Muskowekwan Resources Ltd. was formed to protect the First Nation’s financial resources in the case of such a financial disaster, Lawyers from Encanto Resources have already been in the Band Office trying to scavenge any monies that the members may have left in the treasury. SCAR finds such abdication of the responsibility by the Chief and Council to protect Band resources to be utterly contemptible!
FOR FURTHER INFORMATION OR INFORMATION ABOUT MUSCOWEKWAN CONTACTS FOR MORE INFORMATION:
Saskatchewan Coalition Against Racism