St. John’s, NL (December 6, 2024) –  Lloyd Parrott, Shadow Minister of Industry, Energy and Technology and MHA for Terra Nova, is questioning how some funds were allocated from the Newfoundland and Labrador Immigrant Investor Fund (NLIIFL).

“After reviewing the NLIIFL 2023-2024 Annual Report, I question why two transfers were made to advance government policy priorities that are seemingly outside the purpose of this fund, which is supposed to be in a wind-down phase,” said Parrott.

The two financial transactions include $3.94 million to the Department of Tourism, Culture, Arts and Recreation for PictureNL. The annual report stated the funds were required to ensure the viability of a television production, and that the department did not have the necessary funds available to provide to PictureNL. The Annual Report states that the normal practice would be for the Department of Tourism, Culture, Arts and Recreation to fund PictureNL from the departmental budget.

In addition, $1 million was transferred to Newfoundland Hardwoods Limited for costs associated with remediation of an environmental liability that exists on the corporation’s site in Clarenville.

“Before entering a wind-down phase, the Immigrant Investor Fund was supposed to develop business development and economic diversification in the province. These two transfers fall outside the scope of the fund as noted in the Annual Report. Therefore, why did the Minister make these transfers? Was the fund used for its intended purpose?” asked Parrott.