To the Editor:
In the mid-1990s, a group of farmers and businesspeople came together with a vision - to build an inland grain terminal in Unity, Saskatchewan. Backed by hundreds of shareholders who believed in the project, they invested their money and their grain. Northwest Terminal (NWT) thrived for years, posting healthy profits and building a reputation for success.
In fact, in 2014 and 2015, NWT recorded profits of $6.7 million and $6.6 million, respectively, with zero bank debt. Back then, the mood was so euphoric that a member of the marketing team sent a story to the Unity Herald titled "Wall Street in Unity," proudly showcasing the "brilliance" of NWT's management. It aged well - if you consider losing millions, borrowing over $40 million, and gutting the company a masterclass in financial wizardry.
But that pride has now turned to disbelief.
In 2015, NWT posted a $2.5 million loss. No explanation. No mention of remedial action. By 2019, the losses had grown to $5.6 million. Still, the general manager remained in place, drawing an annual salary of over $400,000. Shareholders received no information from the board about what was going on. In 2022, another $1 million loss. Same manager. Same board.
Then in 2023, a staggering $10 million loss. The same manager remained in charge, with the same wages - and a new bank loan from BMO, reportedly north of $40 million. What did shareholders get from the board? This intelligent response: "We are facing major headwinds in the grain business."
That was it.
Then, in 2024, shareholders weren't even contacted directly when the CEO/General Manager went on local radio to announce the shuttering of NWT's grain division. The board backed him - and once again, kept shareholders in the dark.
Now, in 2025, we've hit a new low. The annual meeting, traditionally held in March, was postponed. We received notice only on May 28 that it will now occur on June 18 and still no financial statements have been provided.
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