Public inquiry not necessary into PNP, intermediary says

P.E.I.'s auditor general has done a thorough job of investigating a controversial immigrant investment program, and no public inquiry is necessary, says one of seven intermediaries for the program.

'They'll contribute to the fabric of P.E.I. both economically and culturally.' — Glen Dexter, CICI

Glen Dexter, CEO of Canadian International Capital Inc. in Halifax, told CBC News on Wednesday that the auditor general's report into the provincial nominee program, released earlier this month, was thorough and sufficient.

Canadian International Capital was one of seven intermediaries named by the previous Progressive Conservative administration to match potential immigrants with Island companies. Each immigrant put up $200,000 for an immigrant visa, pending health and security checks.

While billed as an immigrant investor program, the businesses received only a small portion of each $200,000 — known as a unit. Intermediaries, along with overseas agents who helped find potential immigrants, received a larger portion. According to the auditor general's report, of the $525 million put up by potential immigrants in the last two years, $120 million went to businesses and $144 million to intermediaries and agents.

Millions for firm

Dexter acknowledged his company had done well out of the provincial nominee program, or PNP, but said it involved hard work.

"We work to make sure that we have staff when the applicants come. They meet with our staff, so somebody is looking after them for the time they are on Prince Edward Island," he said.

"We make sure they meet with one of our lawyers to explain the investment with them. We retain translators for them."

Dexter said Canadian International Capital received $25,000 for each unit, and that the firm dealt with 400 companies since 2003. He would not, however, say how many units on average each of those companies received. Under the program, companies were eligible for one to four units, meaning CICI could have earned between $10 million and $40 million.

From that it would have paid expenses for staff and overseas travel.

In addition to CICI, six Charlottetown companies were also intermediaries for the PNP.

• Arsenault Best Cameron Ellis
• Confederation Capital Inc.
• H.P. Consultants
• Island Business Initiatives Inc.
• MacPherson Roche Smith & Associates
• P.E.I. Equity Alliance

Dexter said while his company benefited from the program, there were big gains for P.E.I. as well.

"The fact that the people are coming and the impact that will have on the economy of Prince Edward Island," Dexter said.

"People are coming: They're buying homes, they're buying cars, they're buying food, they're looking for things to do, they're establishing business. They'll contribute to the fabric of P.E.I. both economically and culturally."

Intermediaries and agents were well paid for their part in the program, Dexter acknowledged, but he said it's important to remember the benefits of immigration to the province, plus the $120 million in business investment the PNP brought to P.E.I. in the last two years.