Magazine article National Catholic Reporter

Canadian Diocese Faces Millions of Dollars in Debt

Magazine article National Catholic Reporter

Canadian Diocese Faces Millions of Dollars in Debt

Article excerpt

The Vancouver Island diocese in Canada is being forced to sell off land and assets to pay millions of dollars in debt incurred under the tenure of retired Bishop Remi De Roo.

A public letter read at all Masses Feb. 27 said the diocese is considering going to civil court to seek compensation from those responsible for "a history of bad investments" made over the past 12 years. Priests were instructed to read the letter without comment and to not release copies.

The letter was written by Bishop Raymond Roussin, who in February 1999 replaced De Roo after he'd served 37 years as Vancouver Island's bishop. De Roo has an international reputation for his dedication to peace and justice causes.

Roussin's letter said accountants have been brought in to determine who was responsible for making the questionable financial deals "and whether or not it's appropriate that any action be taken against those persons."

Roussin's statement went on to say that "several bad investments" in the late 1980s had led to an initial loss to the diocese of $2 million. In addition, a 1997 decision to buy a property to recoup those losses through a "quick sale" has led to a lender issuing foreclosure notice against the diocese on an initial loan guarantee of $12 million.

De Roo, who was not named in Roussin's letter, has hired noted criminal lawyer Chris Considine as his legal representative and spokesman. De Roo, 76, was in the United States on a speaking tour when the letter was read.

Considine said Feb. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.