TORONTO, June 14 /CNW Telbec/ - 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 Local 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 further information:
For further information: Paul Kahnert, CUPE Local One, (416) 407-0077