TORONTO – The decision by Toronto Hydro Corporation to sell its subsidiary Toronto Hydro Telecom to Cogeco is a breach of the public trust and a lost opportunity for both the City of Toronto and its residents, says CUPE One spokesperson Paul Kahnert.
“We are extremely disappointed that Toronto is losing ownership of this valuable public asset,” said Kahnert. “We will be consulting with our lawyers about the lack of public process in this decision.”
Because the City of Toronto is the sole shareholder of Toronto Hydro, city council should have been involved in making the decision about the sale of Telecom, said Kahnert, also noting that about $60 million from the sale will go to the banks and brokers involved and not to benefit the public through reduced hydro rates or other means.
While CUPE Local One represents 27 workers at Toronto Hydro Telecom, the union has always seen the issue of privatization as one that goes beyond those workers and their jobs, he said. Last month, the union released three independent reports showing the benefits that continued public ownership of Telecom could bring to both the city and the people who live here.
For more information, contact:
Paul Kahnert, CUPE One, 416-407-0077