Rota reviews proposed sale of Nortel

Nipissing‐Timiskaming MP Anthony Rota
News Release

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OTTAWA ‐ Nipissing‐Timiskaming MP Anthony Rota was in Ottawa on Friday to participate in an emergency committee meeting to examine the proposed sale of certain Nortel Network assets.

Mr. Rota, who serves as the Vice‐Chair of the House of Commons Industry Committee, said his main focus was on determining the effect that this proposed sale would have on current and past Nortel employees.

“Several constituents have contacted me over the past few weeks, concerned about the negative impact that this proposed sale may have on their severance and pension benefits,” says Mr. Rota. “The focus of my questions in today’s meeting was on protecting current jobs,and ensuring that Nortel retirees, its recently terminated employees, and those on long term disability, will not be severely disadvantaged by this transaction.”

Witnesses that appeared before the committee included executives from Nortel Networks Corp. and Ericsson, the Swedish company that bid $1.13 billion (U.S.) for Nortel assets.

In addition to protecting Nortel employees, Mr. Rota also believes that the federal government has a role to play in protecting the national interest of all Canadians. According to Mr. Rota, “Nortel’s wireless assets are significant, strategic, technological advancements developed with the support of federal government tax incentives, and Canadians want to see their investment
benefit Canada.”

“Canada has a long tradition of welcoming foreign direct investment. We need to be open and attractive to global capital but we must also be sure that we can intervene to protect Nortel employees and safeguard our country’s strategic interests.”

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