Vale Inco CEO asked by MPs for copy of takeover agreement

 Nickel Belt MP Claude Gravelle and Sudbury MP Glenn Thibeault have sent a letter to Vale CEO Roger Agnelli requesting a copy of Vale’s agreement with Industry Canada to acquire Canadian-owned Inco in 2006.

The letter was copied to Industry Minister Tony Clement and Vale Inco CEO Tito Martins.

Gravelle and Thibeault have attempted to have the agreement, and any documents referencing the agreement, released under the Access to Information Act.

Each of the requests has been denied under Section 36 of the Investment Canada Act.

“I have tried every avenue I can think of to have this agreement released, and the government has continued to withhold it,” Gravelle said, in a press release.

“Without Vale’s consent, the contents of this agreement will never be made public. It’s been very frustrating for the community not to know what is said in this agreement. If Vale Inco is following the agreement, it should have no problem releasing it.”

When Vale acquired Inco in 2006, it stated in a press release that the company had committed to the Canadian Government that its acquisition would be a “net benefit to Canada.”

Thibeault said he is “skeptical of the deal's secrecy.”

“This is an agreement between a publicly-traded company and a democratic government. There should be no secret, back-room deals. I think that Canadians have a right to know exactly what was negotiated to allow a foreign corporation to take control of our natural resources. We know that they made commitments, and I want to make sure that they are being held to account.”

Gravelle has filed a complaint to the information commissioner for non-complete disclosure of his Access to Information Requests and is in discussions with the parliamentary legislative branch to see if a private member’s bill could be introduced to make the agreements public.