Hopefully this story will grow some legs.
The following is the declaration of assets made by Paul Martin to the federal ethics counsellor.
Public Declaration of Declarable Assets
I, the undersigned, declare:
I own:
A farm operation named Valleystream Farms located near Cowansville, Quebec, managed by a third party, which raises livestock;
Membership share in the Knowlton Golf Club and in the Mount Bruno Golf and Country Club;
529 Preference Class B shares (92.66 per cent vote) and 26,833 Preference Class C shares (4.70 per cent) of SHEILAMART ENTERPRISES INC., an Ontario incorporated holding company which owns 438,210 preferred shares (10.94 per cent) of PASSAGE HOLDINGS INC., Canada Treasury Bills and shares of Big Splash Water Slides Inc. (ceased operations - no assets);
15,028 Preference Class A shares (99.6861 per cent vote) and 47 Preference Class B shares (0.3118 per cent vote) of NELLMART HOLDINGS INC., a federally incorporated holding company which owns Canada Treasury Bills and 201 common shares (50.25 per cent vote) of Nellmart Limited, a private Alberta incorporated investment holding company which in turn owns the Plaza Building, the Dunbar and the Varsity Theatres in Vancouver, a building on Hastings Street in Vancouver, rented to the Royal Bank, opened-ended mutual funds, Government Bonds and Canada Treasury Bills;
1,155 Preference Class A (no vote), 1,508 Preference Class B (37.63 per cent vote), 1,226 Preference Class C (0.03 per cent vote) and 20 Preference Class D shares (49.90 per cent vote) of PASSAGE HOLDINGS INC., a federally incorporated investment holding company administered blindly from me under a Supervisory Agreement (copy attached), which owns directly or indirectly, shares in the following other companies:
The CSL Group Inc. (Montreal, Canada) -- 100 per cent owned.
Canada Steamship Lines Inc. (Montreal, Canada) -- 100 per cent owned.
CSL operates a fleet of self-unloading bulk carriers on the Great Lakes, St. Lawrence River and in the Canadian East Coast. Commodities carried include iron ore, coal, clinker, wheat, stone, gypsum, etc. CSL owns and operates the following Canadian-flagged vessels: Atlantic Erie, Atlantic Huron, CSL Niagara, Ferbec, Frontenac, Halifax, Rt. Hon. Paul J. Martin (formerly H.M. Griffith), Jean Parisien, CSL Laurentian (formerly Louis R. Desmarais), Manitoulin, Nanticoke, Tadoussac, Mapleglen, Oakglen and English River (managed for a third party).
CSL International Inc. (Barbados) -- 100 Per Cent Owned.
CSL International performs the commercial management of a fleet of self-unloading bulk vessels in the U.S. East and West Coast, Caribbean, Mexican Coast and South America. Commodities carried include gypsum, coal, stone and iron ore. The fleet is composed of vessels owned by independent shipowners and of the following six vessels owned by affiliated companies: CSL Atlas, CSL Cabo, CSL Trailblazer, M.H. Baker III, the Sheila Ann and the CSL Spirit.
Companies Owned Directly or Indirectly by Canada Steamship Lines Inc.:
Atlasco Shipping Ltd. (Barbados) owns one vessel which is leased to CSL International -- 100 per cent owned.
CSL Cabo Shipping Inc. (Barbados) owns two vessels which are leased to CSL International -- 100 per cent owned.
Tangshan Jinshan Marine Company (China) -- 35 per cent owned.
SBS Projects Inc. (design and procurement of self-unloading systems) (British Columbia) -- 100 per cent owned.
CSL Self-Unloader Investments Limited (holding company) (Bermuda) -- 100 per cent owned.
CSL Asia Investments Limited (Bermuda) -- 100 per cent owned.
Marbulk Canada Inc. -- 50 per cent owned.
Marbulk Shipping Inc. (Barbados) ? 100 per cent owned by Marbulk Canada Inc.
Two Star Shipping Limited (Cyprus) -- 50 per cent owned by Marbulk Shipping Inc. (Barbados).
Paiton Shipping Inc. (Barbados) -- 50 per cent owned.
PSI Bulk Shipping Pte. Lt. (Singapore) -- 50 per cent owned.
Semisub Transshippers Inc. (Barbados) -- 48.74 per cent owned.
Lati Transshippers Inc. (Barbados) -- 48.74 per cent owned.
Hull 2227 Shipping Inc. (Barbados) (owns the Sheila Ann vessel) -- 100 per cent owned.
Hull 2229 Shipping Inc. (Barbados) (owns the CSL Spirit vessel) -- 100 per cent owned.
Canada Steamship Lines Holding B.V. (Netherlands) -- 51 per cent owned.
Auscan Holding Pty Limited (Australia) -- 100 per cent owned.
CSL Australia Pty Ltd (Australia) -- 100 per cent owned.
CSL Asia shipping Pte. Ltd. (Singapore) -- 100 per cent owned.
Cordex Petroleums Inc. (oil and gas exploration and production) (Alberta) - 4.6 per cent owned by The CSL Group Inc.
CSL Equity Investments Limited -- 50 Per Cent Owned.
CSL Equity is a holding company which holds investments in real estate, ship repair and shipbuilding, cable business, as well as in other economic sectors.
Companies Owned Directly or Indirectly by CSL Equity Investments Limited (Canada)
16091 Canada Inc. (Canada) (trustee of Ontario real estate properties) -- 100 per cent owned.
16092 Canada Inc. (Canada) (trustee of Quebec real estate properties) -- 100 per cent owned.
CSL Investments (Alberta) Limited (Canada) -- 100 per cent owned -- Owns an interest in a real property in Alberta.
CSL Investments (Ontario) Limited (Canada) -- 100 per cent owned -- Owns an interest in a real property in a building in Toronto.
2599970 Canada Inc. (formerly Voyageur Colonial Limited) (Canada) -- 100 per cent owned.
Ocean Lines Limited (Holding) (Bermuda) -- 100 per cent owned.
Canadian Shipbuilding and Engineering Ltd. (Canada) -- 50 per cent owned.
CSE Marine Services Inc. -- 100 per cent owned by Canadian Shipbuilding and Engineering Ltd.
CSL Properties Limited (owns real estate interest in properties in the U.S.) (Delaware) -- 100 per cent owned.
Properties Two Inc. (Colorado) -- 100 per cent owned by CSL Properties Limited.
CSL and A, Inc. (real estate limited partnership) (Arizona) - 50 per cent owned by CSL Properties Limited
Inactive Companies Owned Directly or Indirectly by the CSL Group Inc.:
Canadian Marine Compensation Management (C.M.C.M.) Inc. (management of workers compensation claims) -- 25 per cent owned.
Canada Steamship Lines Limited (England) - 100 per cent owned.
Inactive Companies Owned Directly or Indirectly by Canada Steamship Lines Inc.:
Superior Shipping Company (1993) Inc. (Canada) -- 100 per cent owned.
CSL Marine Services Inc. (Canada) (formerly Intercan Marine Services Inc.) -- 100 per cent owned.
The Commercial Coal and Coke Company (Ohio) -- 100 per cent owned.
GLBC Inc. -- 50.196 per cent and Great Lakes Bulk Carriers Limited Partnership (Ontario) (bulk vessels) -- 49.249 per cent owned.
CSL Pacific Shipping Inc. (Barbados) (formerly CSL Ocean Services Inc.) -- 100 per cent owned.
Innovatorco Shipping Inc. (Liberia) -- 100 per cent owned.
Marbulk Shipping (2000) Inc. (Barbados) -- 100 per cent owned by Marbulk Canada Inc.
Marbulk Shipping Inc. (Liberia) -- 100 per cent owned by Marbulk Shipping Inc. (Barbados).
Eastern Power Shipping Limited (Barbados) -- 100 per cent owned by Marbulk Shipping Inc. (Barbados).
Inactive Companies Owned Directly or Indirectly by CSL Equity Investments Limited:
Oceanex Management Inc. (Canada) (formerly Oceanex Holdings Inc.) -- 25 per cent owned.
Guadeloupe Cable International Inc. (Barbados) -- 30.03 per cent owned.
Ran with fact box "The following is the declaration of assets made by Paul Martin to the federal ethics counsellor.", which has been appended to the story.
You gotta love the question mark (?) following "Barbados."
"We think Marbulk Shipping is in Barbados but we're not positive! Don't hold us to it!"
List of shipping companies.......
Do we know any of these names?
This is G o o g l e's cache of http://www.cbc.ca/news/background/martin_paul/businessinterests.html as retrieved on Apr 14, 2005 09:58:28
05:58 AM EDT
Apr 14
INDEPTH: PAUL MARTIN
Paul Martin Inc.
Justin Thompson and John Bowman, CBC News Online | Updated Feb. 4, 2004
From his days as a deckhand on a Lake
Erie fishing boat and later as a seaman on
ocean-going ships, Paul Martin has long
had an affinity for the sailor's life. And
although he graduated with university
degrees in law and philosophy, he returned
to the nautical life to claim his eventual
fortune. In 1974 he became president of
Canada's largest shipping company,
Canada Steamship Lines (CSL). Seven
years later, he and a business partner
bought the company outright for $189 million.
But success in the business world has complicated Martin's political career.
When his political star rose in the 1990s and he became Canada's finance
minister, Martin signed an obligatory blind management agreement to
avoid a potential conflict of interest. Under the agreement an interim
manager was appointed to assume virtually autonomous operational
control of Martin's companies. Technically, Martin could only be involved in
the affairs of his companies in the event of extraordinary circumstances,
and with the blessing of the federal ethics commissioner.
The Canadian Alliance criticized him for ignoring these requirements by
receiving updates on his companies while he was finance minister. Alliance
members said Martin's business holdings would create a conflict of interest
for Canada's 21st prime minister.
Martin also came under fire from former Progressive Conservative leader
Joe Clark, who charged that the former finance minister was in direct
conflict of interest when he did not close Canadian tax loopholes for firms
like CSL that do business in the Barbados. Barbados is a tax haven for
foreign companies where they can avoid paying their country's taxes and
wages. Some of CSL's subsidiaries are registered in Barbados and pay
almost no tax on their profits.
In August 2003, when Martin was running for leadership of the Liberal
party, he transferred his interest in CSL to his three sons to try to head off
any allegations of conflict of interest. Martin had initially argued that he
could run both his company and the government, but critics said shipping
is so tightly regulated by the federal government that he would constantly
find himself in conflict.
In January 2004, Ottawa said CSL had received $161 million in government
contracts, grants and contributions since 1993. That figure was more than
1,000 times higher than the figure Don Boudria, then government House
leader, gave in 2002 when Canadian Alliance MP James Rajotte asked
about the government's dealings with the company.
Martin said he was "appalled" when he heard the amount originally given,
$137,000, and said he demanded a complete explanation.
In defending the amount of business the government gave to CSL, Martin
pointed out that the company and its subsidiaries were given $82 million in
contracts in 1993, when the Progressive Conservatives, not his Liberals,
were in power.
In February 2004, Martin asked Auditor General Sheila Fraser to investigate
why the government reported the lower figure for the amount of business
CSL got from the government.
Here is a look at what Martin's family owns:
Canada Steamship Lines
Before August 2003, Martin and his wife Sheila owned all of the company's
voting shares. The sons – Paul William, James and David – owned the
common stock. Although CSL is privately held and therefore not required to
publicly disclose its financial records, CanWest News reported in early 2003
that CSL controlled assets worth upwards of $693 million and had annual
revenues of $283 million.
The company operates a fleet of self-unloading bulk carrier ships on the
Great Lakes-St. Lawrence. Its parent company – CSL Group Inc. – is
headquartered in Montreal, and operates offices in Halifax, Winnipeg,
Burlington, Boston, Singapore and Sydney, Australia. The company
operates 37 bulk carriers across the world under the banner of Canada
Steamship Lines and CSL International based in Massachusetts. According
to company literature, it's "the largest fleet of dry bulk self-unloading
vessels in the world."
Martin first joined the company in the 1970s when it was owned by the
Power Corp. He was appointed CSL president in 1974. Seven years later,
he and partner Laurence Pathy bought the company for $189 million.
Martin bought Pathy out in 1988 and took full control.
CSL Equity Investments Ltd.
The CSL Group owns 50 per cent of CSL Equity Investments Ltd., which
owns a broad portfolio of property in Alberta, Quebec, Ontario, Arizona and
Colorado, including condominiums, office buildings and property. The
company also controls shipbuilding and ship design companies on the
Great Lakes