Island Investment Development Inc: Agreements

Agreements Dept: The report, written by the province's new auditor general Jane MacAdam, contained a special audit of Island Investment Development Inc follow up of whether businesses that received immigrant investment were in compliance with use of proceeds agreements that they signed. IIDI was the Crown corporation responsible for the administration of the program, according to CBC. IIDI chose a sample of 158 businesses to estimate the level of compliance with the agreements. It decided to use a single set of criteria to determine compliance, rather than try to hold the numerous different contracts signed and Some companies on P.E.I. could face fines for the inappropriate use of funds from immigrant investors obtained through the provincial nominee program, it was revealed in the provincial auditor general report Tuesday. While the program was operating, from 2001 to 2008, 1354 businesses received investments. Of these 878 signed use of proceeds agreements. Discovering whether the businesses were honouring the agreements was complicated by there being no single agreement over the course of the program. Rather there were a number of agreements, tending to become more liberal in their allowed use of funds as the years went on. 'Only those businesses that did not respond or that had inappropriate shareholder drawings were poised to be deemed non-compliant.' Auditor general's report (www.immigrantscanada.com). As reported in the news.