Ilta Grain

[walterm]

Huh? No way. If that's the case the CGC should be covering all the Producers who never got paid.

It is up to producers to make sure they are covered. Producers shouldn't have signed agreements for payment later get paid on delivery. That is the way this Modern grain system was set up for self regulation.

[sumdumguy]

Why don’t farmers deal with local, reputable, tried and true companies, guys they have known to be honest forever? There are more than a hundred seed plants that started with the industry and grew the industry, often cleaning on their own farms, but salt of the earth. They aren’t flashy and they don’t smell every fart, but they are reputable, responsible and work hard. Maybe the reason that the tried and trues have stood the test of time is because they aren’t out to screw anybody, producers, buyers, banks, insurance companies RM’’s. Remember, the companies that pay high - sell low won’t be there for long as many have come and gone over the last 39 years and they have shafted creditors along the way, its never-ending.

[the big wheel]

This is a glaring example of how unprotected farmers are......

Thanks to the conservatives on this one. Gutted all the monitoring which is all good until you get screwed as a producer like this.

[walterm]

Thanks to the conservatives on this one. Gutted all the monitoring which is all good until you get screwed as a producer like this.

Does anyone know the status of other companies like G3 that have been spending millions and we were told that 49.9% of their company had 0 value. Where are the assets to cover their bonds? What about the other companies that are investing in infrastructure are they well covered the investments are nice but not if farmers can't get paid for deliveries.

[furrowtickler]

Seriously guys ??
This was a very reputable company.
Every pulse plant that ever exsisted here has had delayed payment after delivering.
And some of you are blaming farmers .... WTF ??

[furrowtickler]

It is up to producers to make sure they are covered. Producers shouldn't have signed agreements for payment later get paid on delivery. That is the way this Modern grain system was set up for self regulation.

That’s complete b/S , the pulse industry has been run like this for 30 years

[Guest]

i see there is a couple on there from montreal, so this could possibly make the liberal news
150 million , f#$ken mind boggling
I'm sure there were no signs to the people that were supposed to be watching this shit
just farmers owed to mostly, no big deal to a libard or even this bunch in regina

[malleefarmer]

You guys have nothing like this https://www.ppsr.gov.au/ind-farming-and-agriculture https://www.ppsr.gov.au/ind-farming-and-agriculture

or this https://www.graintrade.org.au/ https://www.graintrade.org.au/

[walterm]

That’s complete b/S , the pulse industry has been run like this for 30 years

Exactly it operated with the Office of Ass't Commissioners in place because they were on top of every issue as it arose and got it dealt with before anyone got hurt. As soon as those chairs weren't filled and office done away with we started having issues.

[highwayman]

Where does one go to find the list of creditors

[Grahamp]

It really is too bad. I have never been burned but about 5 years ago I decided to only deal with the major line companies. I hate not supporting small plants that are trying to get going but I just can’t afford it. The fact of the matter is no matter how honest, well intentioned, and efficiently managed they are there can be things completely beyond their control that can break them. My response unfortunately is bad for competition and I supposed makes me part of the problem but I don’t know what else to do.

[bucket]

Where does one go to find the list of creditors

PWC website

[MBgrower]

Does anyone know the status of other companies like G3 that have been spending millions and we were told that 49.9% of their company had 0 value. Where are the assets to cover their bonds? What about the other companies that are investing in infrastructure are they well covered the investments are nice but not if farmers can't get paid for deliveries.

G3 owned by the Saudis. Each elevator probably costs less than a 3/4 million barrels of oil. No problems there.

[bucket]

G3 owned by the Saudis. Each elevator probably costs less than a 3/4 million barrels of oil. No problems there.

That and they were left the 250 million dollar bank account....that was the purchase price....

[hobbyfrmr]

This is fully and completely the Canadian Grain Commission’s fault.
Those ****ing incompetent donkeys not only shit the bed but they rolled around in it and rubbed all over themselves.
The policy is grain buyers have to submit a monthly audit to the CGC. ****ing Naber seeds went bankrupt twice on the Canadian Grain Comissions’s watch, plus Newco. Ilta should NEVER have been allowed to operate this long.
If there is 150 million owing the people on the list of creditors they should designate 10% to hire Tony Merchant and sue the ****ing Canadian Grain Commission.

No, I did not get stung by Itla, but I despise ****ing chronically useless bureaucrats. This NEVER NEVER NEVER should have happened.

You cannot keep telling the farmes the CGC is under funded. That is more bullshit. How hard is it to collect audits from grain companies and processors? How hard is it to suspend their license before they owe 150 million dollars?

Send a proper message sue those useless ****s maybe they will get fired instead of a bonus for fogging a mirror in the office of the CGC.