This translation has been automatically generated and has not been verified for accuracy.Export Development Canada took an unusual step on Wednesday: It apologized for a business deal it should not have made.
Acknowledging a lack of transparency and publicly conceding a major mistake is welcome, and surprising, from a Crown corporation that otherwise operates with little scrutiny. EDC’s frank language and concession it can do better is refreshing. EDC needs to say more about its work with South Africa’s state-owned freight rail company, Transnet, which has also been embroiled in Gupta-related scandals. SAP and McKinsey had worked with Transnet. EDC, soon after the jet deal, lent US$450-million to Transnet to help Bombardier sell US$1.2-billion of locomotives. EDC didn’t mention Transnet in its apology on Wednesday, and told The Globe last year it was launching an internal investigation of that financing.