ATB takes writedown on mall loans; Alberta bank anticipates loses from financing guarantees to Ghermezians' West Edmonton Mall

Article Abstract:

Alberta Treasury Branches (ATB) made provisions in its first-quarter profit because of expected losses from loan guarantees made to West Edmonton Mall. The government-owned bank, however, still managed to record profits of C$23.5 million for the first quarter, which is deemed thrice the amount recorded during the previous year. ATB's financial figures were dimmed because of the writedowns from anticipated losses from the guarantees to the mall. President and CEO Paul Haggis of the Edmonton, Canada-based ATB, said the bank is being circumspect when it booked the writedowns for the first quarter, that ended June 30, 1998.

Comment:

Makes provisions in its first-quarter profit because of expected losses from loan guarantees made to West Edmonton Mall

Sales, profits & dividends, Article

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Former ATB head countersues province

Article Abstract:

Alberta Treasury Branches' (ATB) former head Elmer Leahy has filed a C$10.5-million countersuit against ATB and the provincial government. Leahy denied allegations that he received bribes to approve the C$418-million refinancing of West Edmonton Mall on favorable terms. In his counterclaim, Leahy said that Alberta Premiere Ralph Klein promised that he would be appointed as acting superintendent of the provincial Treasury Branch with instructions to finance the West Edmonton Mall.

Legal issues & crime

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