They say it was a salmon restoration project. The banking documents suggest it was really about flogging lucrative carbon credits. "It" was the dumping of 200,000 pounds of iron sulphide in the Pacific off the Queen Charlotte Islands.
The council of the Old Massett Village band borrowed $2.5-million for the project. The funds were loaned by the Northern Savings Credit Union. The loan was fully secured by assets of the Gwaii Trust.
The credit union, although fully secured, was plainly skeptical of the claims made by OMV's economic development officer, John Disney. The credit union checked out Disney's supporting material and found it incredible. Given the loan was fully secured, the credit union went ahead with the loan but felt it had a duty to the band council to point out the discrepancies and its concerns.
The Living Oceans Society argues that there is no way the Old Massett Village band was looking to salmon stocks to repay this loan. The leaders had to have been expecting to recoup their investment out of flogging carbon credits. Now experts are lining up claiming there's no way OMV will realize any sellable carbon credits out of this gambit. This is rapidly turning into a complete fiasco.