Loading ...When two CANDU nuclear plants were sold to Argentina . AECL was a Crown Corporation ( taxpayer funded ) at the time . The plants were sold under a contract which stipulated that payback would increase by an inflation clause , but capped at 30% ! Argentina blew through the inflation cap early in the construction phase .
The CEO lived in the small company town where I also resided , close to the research labs and retired . His predecessor inherited the mess which almost brought down the government because the Canadian taxpayers were on the hook to pay off the completion . The new CEO (an engineer) became the sacrificial lamb and was fired . ‘Search for the guilty and punish the innocent’ was the rule of the day .
At about that time I took a job in Brussels for the European subsidiary of a USA company also building and selling nukes . We had an Argentinian engineer there who quit and retired , because the mortgage on his family home in Argentina also had a capped mortgage and his Belgian ‘indexed’ salary when exchanged for Argentinian money quickly paid off the entire loan and property taxes in just a few months .
IPSO – I worked for Atomic Energy of Canada in the 1970’s
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