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The Canadian Jewish News, Thursday, April 14., 1983 - Page 9
LETTERS T
EDITOR
[Editor's note: In the following letter, Robert G.£lgie, Ontario's minister of consumer and commercial relations, takes issue with a letter to the editor in the Feb. lOissueof The CJNfirom Dr. Y. L. Guizin and Harold H. Gutzin of Toronto^",-;-
The Gutzhis clahne^ that the Ontario govern-ntent, by its ''illegal and absolute seizures" of Crown, Greymac and Seaway Trust properties, was "biudgepning the corporate and civil rights of Leonard Rosenberg, et al."]
■ *     * ■ , *
Not Nazi-like
With reference to the Gutzins' letter, I have strong concern about their equating our government's recent actions with the murderous policies of Nazi Germany before and during World War II.
As a result of information received prior to Jan. 7, 1983, as well as information obtained following the Registrar of Loan and Trust taking possession and control of the assets of the three trust firms, it became clear that all three lacked a  borrowing   base to: justify their continuing in the deposit-taking business    from the public. ^    The government then had to determine how best to protect the inter--c^^ of 4iepositQrs and at the same time protect the legitimate rights or interests of shareholders and other creditors.
Adequate information on the financial status of Grown became stvailable relatively quickly. It is hot yet available for the other two firnis.
Essentially, there were two choices.
The first, which was rejected, was to apply to the court to have Crown Trust Company. wound up pursuant to existing provisions ,of the Loan and Trust Corporations Act.
If that had been done, the results would have been very substantial losses and long-delayed recoveries for uninsured depositors, a substantially g r eater loss of public monies through higher losses on insured deposits, the loss of many jobs at Crown, and no possi-of any recovery
by preferred or common shareholders.
It should be emphasized that the existing legislation empowers the Registrar to do this, and
had he done so, the does not require that
company would have dis- anyone be guilty of any
appeared, but only at the breach of criminal law.
terrible   cost   outlined The justification for
above. the action is the need to
This existing power previent further loss to
others who might be tempted to deposit funds with the company, and to prevent loss caused by improvident investment, of existing public funds
By
WESLEY GOLDSTEIN
TORONTO
-CLASSIFIEDS
Call 48l)-5620.
Greece's intervention into the Middle East conflict has been disproportionate, Jewish community leaders told Greek prime minister Andreas Papandreou during his recent visit to Canada (CJN April 7).
"His positions would not be as objectionable if they wouldn't be asymmetrical to Israelsaid Irwin Cotler, president of the Canadian Jewish Congress. "It is certainly his right to call for a Palestinian state, but he should also be taking the case to the PLO and using his friendship with Arafat to influence him towards peace/'
Cotler and Anne Gross, vice-chairman of the Canada-Israel Committee, spent 75 minutes with the Greek prime' minister, foreign minister and ambassador to Canada at. the Toronto Hilton Harbor Castle Hotel, urging them to take a more even-handed approach to the Mideast situation.
They said Papandreou's comparisons of Israel's actions in Lebanon to the Holocasut were offensive, and that his embrace of Yasser Arafat, and references to the FLO as "freedom fighter^" could result in anti-Semitic fallout in Greece.
But, Cotler told The CJN, the prime minister allowed that his comparisons were exaggerated, emotionally expressed in "the heat of the moment." He also promised to do his utmost to mitigate anti-semitism in Greece.
According to Cotler, Papandreou began the meeting by explaining his COUntry's Middle East position, basing it on three main principles.
He said Greece supports Israel's right to exist in secure and de-
fensible borders ^ but those borders should be determined by the parties involved.
"He made it clear that those borders should not be the present. ones,'' Cotler said. -
The Greek prime minister also reiterated his belief in the Palestiniain right to self-determination and to a homeland, and his support for the; territorial integrity of Lebanon. ..■v: ■
Cotler said the prime minister implied he was taking an even-handed approach, but that too much emphasis was being placed on his Pales-' tinian position. Papandreou claimed the PLC is
\
•V'
willing to accept Israel, but political circumstances make it impossible now.
But Cotler, who was a colleague of Papandreou when they were both professors at Toronto's York University in the mid-70s, told the prime minister that his academic encounters with ''senior PLO" representatives [prior to. becoming president of CJC] hadconvhiced him the sentiments contained in their covenant
were deeply ingrained in their personal philosophy.
"Papandreou didn't dispute this point, but kept insisting he considered Arafat as a friend, and he believed he would accept peace if circumstances permitted;''
Cotler said dreou was well-informed about the Middle East situation, and that his positions seemed genuine and long held,rather
than politically opportune.
But, he added, the Greek prime minister seemed overly imbeded with the Palestinian point of view, and noticeably lackfaig the Jewish perspective.
This, he said, was the result of active and continued PLC political representations, together with the lack of similar activity by Israel and world Jewry.
that are on deposit with the company.
The other choice, the one which was taken, was to attempt to save as much of Crown's assets as possible. ']
This was best accomplished by placing them under the administration of another trust company;
To do this it was necessary to pass the Crown Trust Act, 1983. The agreement with the Central Tnist Company made pursuant to that Act, permitted the removal of the restrictions which had been placed on Crown Trust limiting the amount of withdrawal jby any depositor, with the opening of business on Monday, Feb. 7.
This agreement, in time, wiU return about $20,000,000 to Crown Trust.
Crown Trust will continue to exist as a separate corporation with its remaining assets under
the possession and control of the Registrar. ■ Any final surpl us available from the realization of its assets, after the Canada Deposit Insurance Corporation has been paid in full, will be available for-the holders of preferred and common shares of Crown. ~
The Registrar is continuing the review of the other two firms. The government will decide on its further course of action when more information is available.
In conclusion, I believe the information -that has been made public in recent weeks clearly substantiates the financial difficulties in which Crown Trust was placed. Had we not acted as we did, I believe the public loss would have been much greater. Robert G. Elgie
Minister of consumer and commercial relations Toronto
llieieVsometU
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