Naber Seed Growers Get 51 Cents on Dollar

WINNIPEG - Feb 3/03 - SNS -- Security posted by Naber Seed and Grain Co. Ltd. with the Canadian Grain Commission (CGC) was only enough to repay growers 51 cents on the dollar for deliveries made to the company in its final month of operation.

One hundred twelve producers will receive $1.0 million from the CGC. Total eligible claims made against security amounted to approximately $1.9 million. However, because only $1.0 in security was available, eligible producers will receive pro-rated payments amounting to approximately 51 percent of their claims.

"Our first priority has been to determine who is eligible and to ensure they are paid," said CGC Chief Commissioner Chris Hamblin. "Our next job will be to see where we can improve our monitoring of licensed companies' producer liabilities."

Hamblin said Naber Seed's last monthly producer liability report indicated that adequate CGC security had been posted. However, in the period following its last monthly liability report to the CGC, the company's producer liabilities outstripped its security.

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