Canfor Corp to temporarily curtail production at three sawmills in BC

The Canadian Press Companies in this story: (TSX:CFP) VANCOUVER — Canfor Corp. says it will temporarily curtail operations at three B.C. sawmills due to log supply constraints, log costs and current market conditions.The company says the cuts will reduce its production by approximately 40 million board feet.Canfor says its sawmill in Vavenby will be curtailed for six weeks starting on Feb. 11.Meanwhile, sawmills in Houston and Mackenzie will be curtailed for one week each in the first quarter.The cuts are in addition to the roughly 150 million board feet of production capacity that was cut by the company in the fourth quarter of 2018 and early in the first quarter of 2019 that was previously announced.Canfor has 13 sawmills in Canada.

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Sleepin investor denies knowledge of SOCU probe

Clifton Bacchus, the owner of Sleepin and a prospective investor in the casino business, has hit back against reports that the Special Organised Crime Unit (SOCU) has him under investigation for money laundering.Bacchus denied that he has ever been approached by SOCU. He stated that the reports, which first appeared in the state media on Tuesday, were deliberately sensationalized and suggested that someone was carrying out a vendetta against him.“I read with absolute shock the blazing and bold headlines. There was a special effort and a deliberate intent to sensationalise that story. From the article, I learnt for the first time that I, my company and a number of associates are subjects of a money laundering investigation being conducted by SOCU,” the businessman said in a statement responding to the reports.“SOCU has never made any contact with me, to date, whatsoever. As far as I am aware, SOCU has not made contact with any person close to me in relation to the Sleepin International Hotel and Casino Inc.”Sleepin’s Church Street branch has been making preparations for quite some time to set up a casino. Under the law, only three casinos are allowed in each Region in Guyana. For Region Four, Ramada Princess has one, while another has been earmarked for the Marriott Hotel at Kingston. Sleepin has sought the third one.With a Memorandum of Understanding (MoU), made with the previous government being cast aside by the coalition and after being rejected initially by the Gaming Authority, Bacchus had reapplied for a licence.Noting that this application is currently being processed, Bacchus asserted that additional financial information was requested and are being provided to go along with his application to the Gaming Authority.Bacchus was adamant that the documents he submitted to the Gaming Authority establish the source of his capital financing. According to the businessman, his sources of finance include loans from local commercial banks and an overseas investor, which were secured by mortgages.“These documents are all filed as of record with the Deeds and Commercial Registry Authority. Copies have been submitted to the Gaming Authority. If SOCU requires them, I will gladly supply copies to them. However, as I indicated, they have never made contact.”According to the businessman, the situation is causing irreparable damage to the perception of Guyana being open to investment. Bacchus expressed the hope that this was not an official position of a government being uninterested in job creation but interested in publicly humiliating investors.“After all,” he said. “Which investor will want to invest in a country in which they will be exposed to this level of embarrassment, trauma and reputational damage?”In the report, SOCU head Sydney James was quoted as saying that Bacchus and “a number of associates” have been under investigation since July 2016. He had also related that information for financial and other assets was sourced through court orders. In addition, he had said that statutory agencies were approached for “pertinent” information.This was contained in a letter he wrote in response to a letter from head of the Gaming Authority, Roysdale Forde. It was reported that in the letter, Forde had requested information on the businessman, as it was reviewing his application for a licence.It is understood that in order to qualify for a license, casino operators must prove that they are financially sound. The failure to provide certain documents had been used by the authority as justification for the initial refusal. Bacchus has always maintained that his enterprise is solely funded by above board sources.SOCU has faced much criticism from the political opposition that it has not operated in an objective manner, but has rather gone after persons due to political affiliations with the previous administration. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedTermination, transfer of SOCU officials needed – RamjattanMay 3, 2019In “Crime”PS Omar Shariff breaks silenceAugust 15, 2016In “latest news”Misuse of funds probe – Head of SOCU questioned but still on the job – Top CopApril 9, 2019In “Crime” read more

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